Tough U.K. Budget Hangs over John Healey at Labour Gathering
He is drawing up tax hikes and spending cuts to rebuild a fiscal buffer after higher borrowing costs narrowed it by about half, officials said.
- Chancellor of the Exchequer John Healey addressed the Labour Party conference in Liverpool on Monday, preparing for his budget on October 28th, which will include tax hikes and spending cuts to stabilize UK public finances.
- Rising borrowing costs driven by the ongoing US-Iran war have eroded the £23.6 billion buffer Healey inherited from predecessor Rachel Reeves; the chancellor must rebuild this fiscal margin to maintain investor confidence as government bond yields rise.
- Andy Burnham announced a new equity loan program that caused home-builder shares like Barratt Redrow and Taylor Wimpey to surge; Emma Moriarty, portfolio manager at Asset Management, warned Gilt markets require fiscal target headroom.
- During the Labour Party conference, Healey defended the government's economic realism while characterizing Reform leader Nigel Farage as "Liz Truss with a Bitcoin account" to contrast approaches with the opposition.
- The October 28th budget date, chosen to limit policy speculation, requires Burnham and Healey to balance their "politics of hope" rhetoric with hard fiscal choices before investors and markets.
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Chancellor John Healey Brands Nigel Farage 'Liz Truss With A Bitcoin Account'
Nigel Farage looks on as Liz Truss poses for a selfie at the launch of Popular Conservatism last year.John Healey dubbed Nigel Farage “Liz Truss with a Bitcoin account” as he launched a bitter attack on the Reform UK leader.The chancellor went on the attack as he told the Labour conference in Liverpool that the government has “a moral duty” to bring down the welfare bill.He also insisted he will stick to his predecessor Rachel Reeves’s fiscal ru…
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