Chancellor John Healey to say UK economy 'turning a corner' despite debt concerns
UK Chancellor John Healey has delivered an optimistic speech regarding the UK economy, highlighting a new £150m fund to support northern businesses. However, the announcement is tempered by significant job cuts at Jaguar Land Rover and ongoing concerns regarding government debt and inflation.
Why it matters
The speech signals the government's economic strategy ahead of the upcoming Budget, balancing growth initiatives against industrial decline and fiscal constraints.
Share Save Add as preferred on Google Faisal Islam , Economics editor , Ella Kipling and Dearbail Jordan Reuters John Healey was giving his first major speech as chancellor The chancellor has given an upbeat view of the state of the UK economy ahead of next month's Budget, building on a recent uptick in consumer and business confidence.
In a speech on Monday in Coventry, John Healey spoke of a "new story" of the economy not just turning a corner but being resilient, optimistic and "ready to seize the opportunities of new technologies and ideas".
But nearby, Jaguar Land Rover announced it would cut 4,000 jobs to save costs following competition from China for cheap cars, US tariffs on UK vehicles and the after effects of a cyber attack.
Healey is also facing concerns about government borrowing costs and the inflationary impact of the Iran war.
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