John Healey REFUSES to rule out tax rises in Budget as he dodges key question in major speech
John Healey has refused to rule out tax rises in October's budget as he dodged a question in a major speech in Coventry.
In his first major speech since taking over at the Treasury, Mr Healey acknowledged the impact of high government borrowing costs and promised to address the rising burden on businesses.
Mr Healey sought to present an optimistic assessment of the UK’s economic future despite the impact of global crises including the war in the Middle East and Russia’s invasion of Ukraine.
Responding to a question about potential tax rises from Sky News, the Chancellor said: "What I am doing today is setting out plans, a direction for growth...that will see growth in more places in future.
"I want to be the chancellor that gets things done, and I want to see growth driven from more places across the UK.
"I want to be the chancellor also that recognises, tough as it is, Britain has huge resilience, great latent potential and relative strengths in relation to the way that we are dealing with the fiscal challenges we face."
He later told GB News: "I'm not going to respond to questions about tax. It will only fuel further speculation"
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John Healey announces revising Treasury green book rules
John Healey pledges to revise green book rules over investment discount rate.
The Chancellor said: "Investment has increased by 4.9 per cent since the election alone. But we need to do more.
"So first, I’m making changes to the Treasury green book, reducing the discount rate from 3.5 per cent to three per cent, and that will skew investment towards projects with more long-term potential, meaning that more places across the UK will get a fair hearing."
John Healey wants twice as many 'unicorn firms' in Britain
Chancellor John Healey said he wanted twice as many "unicorn" firms in the UK and to make it easier for businesses to test new technology.
Mr Healey said: "So, I’m setting an ambition now to double the number of unicorn firms in this country."
He said he would also aim to have "sandboxing" powers in place so businesses and innovators can test technology from pavement robots to drones to life-saving medical equipment, which he said regulation currently prevents.
John Healey to launch 'permanent transfer of power' away from Whitehall at Budget
John Healey said he would set out plans for "a permanent transfer of power and resources" away from Whitehall at the Budget.
The Chancellor said: "The next chapter of Britain’s growth story will be written in more places.
"That’s not sentimentality, that is supply-side economics. A transport bottleneck in South Yorkshire is too often invisible from Whitehall, but it can have a real impact on economic growth and on business investment decisions.
"That’s why, at the Budget, I will set out a roadmap to fiscal devolution, a permanent transfer of power and resources from Whitehall to our regions.
"[This will bring] greater business rates retention for local councils and strategic authorities, grants from central government replaced by a share of local income tax for every mayoral strategic authority beginning in 2028.
"London, of course, is our powerhouse, but if our city regions could emulate the success of those in France or Germany, growth in our country would be transformed."
Mr Healey also announced £150million from the British Business Bank for fast-growing firms in the north of England and the creation of the "northern 500", bringing together "the North’s most ambitious mid-sized businesses" in a group led by mayors.
John Healey lays out priorities as Chancellor
John Healey has laid out his priorities as Chancellor in his first major pre-budget speech in Coventry.
The Chancellor said: "On my first day in the Treasury, I said that fiscal discipline was my first priority [as] chancellor. It underwrites every promise this government makes.
"The Prime Minister and I are in lockstep in our commitment to meeting the fiscal rules at the upcoming budget, to balancing the books with a buffer to protect against uncertainty, to controlling borrowing to bear down on inflation, and reducing long term pressures on our public finances."
Labour has 'belief in Britain's future', says John Healey
John Healey says Labour has "belief in Britain’s future" as he praised industries and technologies.
The Chancellor said: “We’re world leaders in life sciences, defence technologies, creative industries, financial services.
"Our science and research base is world beating, our capital markets are some of the largest and most vibrant anywhere in the world and the UK stock market is hitting all time highs."
John Healey takes aim at Liz Truss's mini-budget
John Healey slammed Liz Truss as he claimed the former Prime Minister's mini-budget "collapsed confidence" in Britain.
The Chancellor said: "UK debt costs were historically around the G7 average until Liz Truss’s mini budget crashed the economy and collapsed confidence in Britain’s fiscal strength.
"So since 2022, we have been paying that trust penalty as we battle to re-establish belief in Britain and the UK’s fiscal sustainability."
John Healey says he wants to make Great Britain 'Growth Britain'
John Healey said he wants to make Great Britain "Growth Britain" as he laid out his economic plans.
The Chancellor said: "Growth is essential, possible and central to my purpose as Chancellor.
"You ask economists what growth is you'll get a number. You ask a person and they'll tell you a story.
"I dedicate my time as Chancellor to make Great Britain Growth Britain with more investment and more jobs."
John Healey praises Rachel Reeves and Keir Starmer
Chancellor John Healey is up as he is speaking at a conference at the Manufacturing Technology Centre in Coventry.
Mr Healey was quick to praise "work begun by Keir Starmer to re-establish Britain as a respected voice among our allies" and Rachel Reeves as he who he said had started to "recover Britain's fiscal discipline."
He said: "I will build on both as Chancellor."
Jaguar Land Rover plans to cut 4,000 jobs to save £1.7bn as Labour rejects bailout
Jaguar Land Rover has announced plans to slash thousands of jobs over the coming years, as the Government confirms that it will not bail out the ailing automaker.
The iconic British car manufacturer is expected to cut 4,000 jobs, with JLR set to unveil a redundancy programme later today.
Jaguar Land Rover said the changes were being made to save around £1.7billion over the next two years after the company was rocked by tariffs and production changes.
More than 30,000 people are employed by Jaguar Land Rover in the UK. The global brand announced 300 jobs would be lost earlier this year.
Conservative frontbencher 'stunned by constant hubris' of John Healey
A senior Conservative has said he is "stunned by the constant hubris" of Chancellor John Healey.
Shadow Chief Secretary to the Treasury Richard Fuller told GB News: "Mr Healey said just a few months ago 'I am resigning because the Chancellor won't fund our defence budget and the three per cent commitment.'
"Now he is Chancellor. He won't fund our defence. As Andrew Griffith, the new Shadow Chancellor, said 'here's our costed plan that Labour can adopt'. But John Healy is not saying all that.
"Now a second piece of hubris. John Healy today is going to tell everyone to be happy and say that Labour supports growth in 'every postcode in the country'.
"Just a few miles down the road, a few postcodes away, workers at JLR are going to be hearing about the fact that they are losing their jobs, and John Healey is going to say nothing about that.
"What he should be saying is ruling out any more taxes in his budget, and he should be saying, 'I am going to follow the Conservatives cheap energy plan.'"
Britain 'taxing itself into death' as Andy Burnham warned against fresh tax raid at Budget
Andy Burnham and Chancellor John Healey have been issued major warnings as Britain is "taxing itself into death."
The criticism comes ahead of the Budget next month where the Chancellor will set out his plans for the economy to boost growth.
Neither the Prime Minister nor Mr Healey have excluded the possibility of raising taxes in their first fiscal statement.
That prospect has drawn fierce opposition from economists, investors and business leaders alike.
Senior US economist Arthur Laffer has cautioned that the country is trapped in a "death spiral."
Mr Laffer, who has served as an adviser to Ronald Reagan, Bill Clinton and Donald Trump, delivered his stark assessment ahead of a visit to London this week.
Hampshire Police and Crime Commissioner warns migrant protest 'put pressure' on local services
The migrant protest in Portsmouth put pressure on the emergency services and required support from forces across the country, Hampshire and the Isle of Wight’s police and crime commissioner (PCC) said.
Donna Jones said the Government needed to act to counter changing patterns from people traffickers shifting away from crossings at the Strait of Dover.
The Conservative PCC said: "Last night we had mutual aid, public order police officers sent from police forces across the country including the Metropolitan Police Service.
“We also had a number of our own police officers, obviously, from Hampshire and the Isle of Wight Constabulary trying to take back control of the roads, forming a line and holding a few hundred protesters back.
“This is just the start, if this continues, these numbers will grow from the protesters.”
Home Office whistleblower exposes 'massive fraud' as he claims just ONE PER CENT of asylum seekers are genuine
A Home Office whistleblower has claimed just one per cent of asylum seekers are genuine as he alleged "massive fraud" is taking place within Britain's asylum system.
The official, known only as "J" to protect his identity, has spent years working as a Home Office decision-maker and has assessed thousands of asylum applications.
Speaking to The Times, he said: "At best one per cent of asylum seekers are genuine. There's almost no aspect of the asylum system that isn't either a massive fraud or just really dysfunctional. Nothing works as it should."
J claimed officials regularly encounter what staff have dubbed "package claims", where asylum seekers allegedly submit strikingly similar accounts to support their applications.
Andrew Griffith says John Healey's speech will do 'little to comfort'
Andrew Griffith has blasted John Healey ahead of today's economy speech in the West Midlands.
The Shadow Chancellor said: “It will do little to comfort hard-working families and businesses across the country who are worried about more tax rises or the fact that government borrowing rates are near a 28-year high.
“Commitments to reduce red tape are welcome but given this Government’s track record with its Employment Rights Act and other anti-business measures, people will rightly question their sincerity.
“We are facing serious threats from Russia and Iran on our doorstep, as well as threats to the Falkland Islands.
"Yet the Chancellor, the man who resigned over defence spending, seemingly does not want to mention our Armed Forces or how we will reach three per cent of GDP on defence.”
Robert Jenrick blasts John Healey as an 'empty vessel'
Reform UK's Robert Jenrick slams John Healey as an "empty vessel" ahead of his speech later today.
The party's treasury spokesman said: "Even Rachel Reeves had more vision than this guff.
"Days after a market meltdown, when grip and direction are required, John Healey has revealed himself to be an empty vessel with no idea about how to rescue our economy.
"He won’t cut the ballooning benefits bill, foreign aid, or net zero subsidies so taxes on working people will inevitably rise at the budget.
"Reform is the only party that will cut wasteful spending so we can raise the tax-free personal allowance to £15,000 in our first budget.”
Meanwhile, Liberal Democrat deputy leader Daisy Cooper accused the Chancellor of undermining his growth ambitions by ignoring the Brexit trade barriers choking our exporters” .
She continued: “Re-announcing £150million across the entire North of England will barely shift the dial on growth.
"Liberal Democrats are demanding that Labour move faster to strike a Growth and Defence Deal that will make the UK stronger and more prosperous."
John Healey to tell 'optimistic story' in speech later today
John Healey will seek to tell an “optimistic story” about Britain in a major speech on Monday, echoing Prime Minister Andy Burnham’s push to strike a more upbeat note than his predecessor.
The Chancellor ill detail plans to spread growth more widely across the UK by using public investment to attract private capital.
The British Business Bank will commit up to £150million to a new fund “to get behind the most innovative and fast-growing firms”, Mr Healey will say.
The pot, using money already allocated to the Government-owned bank, will offer investments of between £5million and £15million to help university spin-outs and other innovative companies across the North of England expand.
The Treasury hopes the fund will draw in additional private cash, as part of Mr Healey’s vision of an "active state" working with private businesses to create opportunity.
Mr Healey will also task the British Business Bank and National Wealth Fund with doing more to support investment and innovation across the UK.
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