UK Chancellor Healey Emphasizes Fiscal Discipline for Upcoming Budget

UK Chancellor Healey pledged fiscal discipline, emphasizing full compliance with fiscal rules in the upcoming budget. Healey stated that borrowing must be brought under control and inflation curbed.

Fiscal Rules and Budget Balance

Stating that he and the prime minister are in full alignment regarding their commitments to adhere to fiscal rules in the upcoming budget, Healey pledged fiscal discipline.

Healey noted that he wants to achieve a budget balance with a buffer against uncertainty, bring borrowing under control, and reduce long-term pressures on public finances.

Investments and Growth Targets

Healey's speech focused on attracting more private sector investment through public financial institutions such as the Wealth Fund and the British Business Bank.

Expressing the aim to spread growth across all regions of the UK, the minister emphasized that growth is the only way to cope in the long term.

Business Costs and Challenges

Stating that business costs, energy bills, regulatory burdens, planning constraints, and labor costs have increased since the Covid period, Healey expressed his desire to draw a line under this issue.

Noting in an interview with the Financial Times last week that the UK is facing a more dangerous world, the minister stated that this is one of the challenges that must be overcome.