Chancellor Healey stresses fiscal control

Britain's new Chancellor, John Healey, has outlined his economic vision, emphasizing fiscal discipline and a commitment to controlling public spending and borrowing in his first major speech since taking office. Speaking in Coventry on September 7, 2026, Healey stressed the need for honesty about government spending, noting that debt interest payments now consume a significant portion of public funds. He pledged to adhere to the government's existing fiscal rules and balance the national books with a buffer in the upcoming budget, scheduled for October 28. Healey sought to reassure financial markets, particularly in the wake of high borrowing costs, which saw 10-year UK government bond yields rise to 5.29% on September 2. He stated that fiscal discipline is his top priority, underpinning all government promises and aligning with Prime Minister Andy Burnham's commitment to fiscal responsibility. The Chancellor presented an optimistic outlook for the UK economy, describing it as a country turning a corner with significant latent potential ready to embrace new technologies and ideas, despite global challenges.