UK Chancellor Healey vows to make Britain a growth economy ahead of October Budget

Chancellor John Healey delivered his first major speech as head of the Treasury on September 7, 2026, speaking at the Manufacturing Technology Centre in Coventry. He described his defining mission as making Great Britain a growth economy and emphasised devolution, public investment, and innovation as the key pillars of that agenda.

Growth and optimism

In his speech, Healey declared: My defining mission as chancellor is growth, good growth in every postcode. He said the government would pursue more devolution, more public leadership and control, more investment, more innovation, and more jobs. Healey painted an upbeat picture of the UK economy, building on recent improvements in consumer and business confidence, describing the country as resilient, optimistic and ready to seize the opportunities of new technologies.

Budget and taxes

With seven weeks to go until the Budget on October 28, Healey declined to rule out tax rises or spending cuts. He reiterated Labour's manifesto pledge not to increase taxes on working people, but refused to comment on other potential tax measures, saying only that he would balance the books and control public spending. He said the government would have a buffer in its spending plans against the sort of uncertainty that the JLR decision locally has shown.

Conservative Shadow Chancellor Andrew Griffith criticised the speech, saying Healey failed to end uncertainty by ruling out more tax rises and accused him of sounding increasingly like continuity Rachel Reeves.