UK Chancellor John Healey Unveils Growth Plans Amid Economic Pressures and Political Criticism

LONDON — UK Chancellor John Healey has outlined a series of measures aimed at stimulating economic growth, increasing regional investment and reducing regulatory barriers, while facing criticism from opposition parties over the government’s economic strategy.

In his first major speech as chancellor, Healey said restoring economic growth would be central to his agenda and pledged to make the United Kingdom “growth Britain again.” He said the government would seek to spread economic expansion more evenly across the country and unlock investment in regions outside London and the southeast.

Healey announced plans to reduce the burden of business regulation by 25% by the end of the current parliamentary term. He also said the government would seek to reduce unnecessary consultations and accelerate decision-making on major infrastructure projects, arguing that excessive administrative and legal processes had slowed investment.

As part of the economic package, Healey announced £150 million in funding from the British Business Bank for scale-up businesses in northern England. The funding is expected to support larger investments in ambitious companies and university spinouts across cities including Liverpool, Manchester, Leeds, Sheffield, Hull and Newcastle.

He also announced changes to the Treasury’s Green Book investment rules, including a reduction in the discount rate from 3.5% to 3%, which he said would encourage greater investment in projects with long-term economic potential across different regions of the UK. South Yorkshire, the Liverpool City Region, the North East of England and the Cardiff Capital Region were also announced as new strategic partners of the National Wealth Fund.

However, Healey’s speech drew criticism from opposition parties, which accused the government of offering continuity rather than a significant change in economic policy. Conservative shadow chancellor Andrew Griffith described Healey as increasingly resembling former chancellor Rachel Reeves, while Reform UK’s Robert Jenrick criticised the speech as lacking measures to address business costs and employment challenges. The Green Party also called for a more equitable and sustainable approach to economic growth.

Healey declined to rule out tax increases in the forthcoming budget, saying that responding to speculation about fiscal measures would only fuel further speculation. His position has added to political debate over the government’s plans as borrowing costs remain a concern.

Meanwhile, the government has faced growing controversy over anti-migrant protests in Portsmouth. Policing Minister Sarah Jones is due to make a statement to Parliament on the disruption, after Downing Street condemned what it described as “thuggish behaviour” and said intimidation and disruption affecting passengers and travellers were unacceptable.

The developments come as the UK government seeks to demonstrate a stronger focus on economic growth while simultaneously dealing with pressure over taxation, public spending, employment and immigration-related tensions.