UK chancellor Healey pledges fiscal buffer in pitch to the City

[LONDON] Chancellor of the Exchequer John Healey is committed to disciplined control of Britain’s public finances to protect against economic shocks, as he made a pro-business pitch to the City of London on his third full day in post.

“The prime minister and I have talked together about how we will work in lockstep to ensure we meet our fiscal rules with a buffer against uncertainty,” Healey told a gathering of executives at Bloomberg’s headquarters in London on Thursday (Jul 23). “Fiscal credibility is the bedrock of stability.”

Healey, who succeeded Rachel Reeves as Britain’s finance minister after Andy Burnham took over as prime minister on Monday, said he wanted to bear down on costs faced by businesses, including taxes, energy and labour costs. Burnham’s initial policy blitz focused on easing financial pressure for consumers.

“I know businesses large and small have felt really squeezed,” Healey said. “I’m just as concerned about the cost of business as I am about the cost of living.” BLOOMBERG