Chancellor John Healey to promise ‘new age of industrialisation’ in speech to Labour conference – UK politics live

On Monday at the Labour Party conference in Liverpool, John Healey, newly appointed Chancellor, pledged a "new age of industrialisation" for Britain. He emphasized his vision by referencing Britain's past industries and highlighted support for advanced manufacturing parks and shipbuilding. Specifically, he announced plans to invest £300 million in factories across Derby, Bristol, Glasgow, and Rotherham, with an additional £100 million fund for local mayors to boost apprenticeships. He also confirmed backing for British shipbuilding projects, including a new £100 million investment.

Despite his optimistic outlook, concerns were raised about the state of public finances amid surging inflation and economic pressures. Critics argued that his speech lacked specifics on how these ambitious plans would be funded without causing tax hikes or further straining Britain's debt burden. Healey faced mounting pressure to provide a clear fiscal strategy ahead of his first Budget in November. Meanwhile, Rolls-Royce confirmed significant investments across various British locations, reflecting optimism in the industrial sector under Labour’s policies. However, some observers noted that these promises might not be sufficient without substantial economic reforms and addressing issues like lower immigration forecasts impacting Treasury revenue estimates. Critics also highlighted the need for detailed plans to reassure financial markets about fiscal responsibility.