John Healey

UK borrowing costs are too high.

Staying true to our values means being honest about the need to control government spending.

My defining mission as chancellor is growth, good growth in every postcode. And I've set out today the way this government will set about it: more devolution, more public leadership and control, more investment, more innovation, more jobs.

Both he and the Prime Minister were 'in lockstep in our determination to meet the fiscal rules

It’s part of a more dangerous world that is more uncertain and it’s one of the challenges we have to meet in this country, but have to meet with other [countries].

I know that some of the decisions I must take – and will take – will show the benefits in years to come.

We must cut the cost of welfare, we have to get more people back into work.

The country’s under pressure. People are under pressure with the cost of living. Households are feeling that.

What’s happening in the Middle East is hitting inflation, it’s hitting growth, it’s hitting borrowing costs.

Our commitment to stand with the Ukrainian people is unshakeable. We will bear down on those propping up Putin’s war as we push to secure a just and lasting peace.

And so I’m here to work with international partner nations to deepen our economic resilience, to deliver good growth and also to give families and businesses just a bit of breathing space.

But no country can face these pressures alone. And these shocks are being felt worldwide. They’ve been felt in people’s pockets, in their weekly shops, filling up their cars.

Britain faces these global pressures from a position of relative strength, the fastest growth in the G7 advanced nations in the first half of this year, the deficit being cut faster than in any other G7 country,

We build on that, but it is not easy. It is not easy in a world in which you see global conflict, increasing dangers.

Fiscal discipline has been the bedrock of the government that I was part of for the first couple of years, as a Labour government since July 2024.

I want everyone from apprentices, IT staff and junior officials to senior economists and private secretaries to contribute to the exercise.

As G20 countries seek to make the most of AI opportunities, I’m determined Britain has a lead role in harnessing this technology to drive more jobs, better public services, and growth that’s UK-wide.

I’m determined Britain has a lead role in harnessing this technology to drive more jobs, better public services, and growth that’s UK-wide.

This first-of-its-kind competition will help make sure more of the benefits of AI are felt in every UK postcode.

Britain is home to some of the most innovative AI companies in the world, and this Government is backing them to start, scale and succeed here in the UK.

We simply can’t deal with the problems we face as a country by maxing out the country’s credit card.

It’s the bedrock for economic stability.

As we have regularly discussed, I am certain that a headmark date for 3% of GDP on defence in 2030 is what Britain must set.

We’re a government that just is getting on with getting things done and that includes on growth

Fiscal discipline is the bedrock of our UK economic stability and national security, which is why we are committed to meeting our fiscal rules, with a buffer against global uncertainties.