Chancellor John Healey Addresses Treasury Staff in Inspiring Speech

I am here with Emma Reynolds, our new Chief Secretary to the Treasury, and I consider it a tremendous privilege to return to the Treasury as Chancellor. Nearly two decades have passed since I first departed from this role, and as I look around, I am heartened to see a multitude of bright, young, and dedicated officials here at the Treasury. It is also a pleasure to see a few familiar faces, including James, who, like many of us, has perhaps gained a touch of wisdom and a few grey hairs over the years. As for me, I remain as bald as ever, but my passion for this institution as a cornerstone of stability, security, and growth for a successful Britain is as fervent as it has ever been.

In today’s challenging global landscape, the task before us at the heart of government is significant. I would like to take this opportunity to pay tribute to Rachel, my predecessor and our former Chancellor, for her outstanding service to the nation. She has instilled financial discipline, fostered growth, and delivered two comprehensive budgets along with a thorough spending review. Thanks to her efforts, we have witnessed a government that has made strides in reducing NHS waiting lists and alleviating child poverty by 450,000, alongside a resurgence in investment.

The Legacy of Leadership

Rachel will always be remembered as the first female Chancellor in nearly 700 years of our history. I extend my heartfelt gratitude to her for all that she has accomplished during her tenure.

Upon my departure from the Treasury in 2008, I witnessed the onset of the global financial crisis, which ushered in an era of austerity, stagnant growth, and prolonged hardship for many. The repercussions of that crisis and the political decisions that followed continue to fuel public scepticism regarding the wielders of power in this country, as well as a deep-seated desire for hope within our communities.

Our new Prime Minister, Andy Burnham, alongside his newly appointed cabinet, is resolutely committed to facilitating change, and I apologise for the delay caused by his extended remarks. He has articulated a vision that prioritises the well-being of our citizens, pledging to invest in their success rather than merely compensating for their failures.

Addressing Economic Challenges

However, we must acknowledge that the challenges facing Britain remain profound, with low growth, high debt, significant inequality, and strained public finances, all while international threats to our economy and security loom large. As Chancellor, I understand that fiscal control is paramount. It is my foremost responsibility.

Allow me to outline my five priorities as your Chancellor:

First and foremost is fiscal discipline. Maintaining fiscal credibility is essential for ensuring economic stability and national security. We are committed to adhering to our fiscal rules, and Andy Burnham and I will work closely to establish a buffer for any uncertainties that may arise.

The second priority is fostering growth in every postcode across the nation. Every government department must contribute to this effort. We will maximise public investment within our fiscal framework and leverage private and international investments to bolster Britain’s economy.

Supporting National Growth

Thirdly, we are focused on backing Britain. This entails promoting British benefits, apprenticeships, and jobs. Our procurement policies will be designed to prioritise British products and services, particularly in sectors such as transport, energy, defence, artificial intelligence, and technology.

Fourth, we aim to stimulate wealth creation. Our government’s commitments will be centred on fostering confidence in investment, innovation, and profitability within British businesses. To those who possess bright ideas or run small enterprises seeking growth, I assure you of my support.

Lastly, I am committed to making life more affordable. This involves addressing the cost of living and initiating a new era of devolution and public control. These are not mere political slogans but foundational principles to guide our decisions within this building and across the government. Recently, we have initiated tax cuts on electricity bills to provide households with some much-needed relief this winter.

Building a New Economy

This is the path towards constructing a new economy, fostering renewed hope, and advancing the interests of working people in our country. Above all, I want to express that the most rewarding and humbling aspect of this role is the opportunity to work alongside such a remarkably talented group of government officials. I eagerly anticipate collaborating with you and the ministerial team as we embark on this journey in the months ahead.

Together, we will strive to make Britain proud. Thank you, and I look forward to our joint efforts.