Healey admits money ‘simply not there’ but vows to back British businesses

U.K. Chancellor John Healey admitted that the money Tony Blair’s 1990s Labour government had is “simply not there” now, but vowed to grow a “bigger cake” of wealth by backing British businesses.

Speaking to attendees at the Labour Party Conference in Liverpool today, Healey, who will deliver his first budget in exactly one month, declared that London should not “shoulder the economic burden alone” in building the country’s economy and pledged to ensure that any growth is “shared” across Britain. 

But Healey faces a tricky economic situation ahead of his first fiscal statement next month, with analysts estimating the chancellor has between just £8.5 billion and £12 billion in fiscal headroom, leaving the exchequer precious little money to spend on political goals.

The chancellor swerved any pre-budget announcements, but in a nod to businesses — which are fearing a tax grab on Oct. 28 — Healey said fiscal discipline and supporting British firms are key to his plans for “growth in every postcode.” 

“We need wealth created in more places, new levels of confidence, investment and, yes, profit. It’s business that will create this country’s growth and wealth,” he said. 

“The prime minister and I are united in meeting the fiscal rules, and reducing long-term pressures on our finances — there is nothing progressive about losing control.”

Healey also attacked the previous Conservative government as well as Reform UK, branding Nigel Farage “Liz Truss with a Bitcoin account.”