UK politics: Chancellor accepts Labour pressure on business, making help for entrepreneurs a budget priority

Backing firms and entrepreneurs

Healey said he wants to be a chancellor who supports British businesses making profits and entrepreneurs who bring forward new ideas. He argued that profitable companies can reinvest and grow.

He said the aim was for businesses to expand and remain in Britain. John Healey is expected to reduce red tape requirements, particularly for smaller businesses.

Budget and growth challenge

Healey said next week’s budget would challenge Andy Haldane’s claim that Labour lacks the right policies to promote growth. Haldane has argued that Conservative policies are more likely to cut business and employment taxes and regulation. Asked about criticism of Labour’s economic approach, Healey told Haldane, “speak to me next Thursday.” He also said he wanted to make a case for reducing welfare costs, but not through crude cuts.

Wages and political change

Healey defended his role in the events that preceded Keir Starmer stepping down, saying there had been recognition across the parliamentary Labour party that a change was needed. He said the party now had an opportunity to be heard again during the second half of parliament.