John Healey said the Budget next month will demonstrate a commitment to fiscal discipline.
Chancellor John Healey insisted the UK economy was “turning a corner” as he promised to control government spending in next month’s Budget.
In his first major speech since taking over at the Treasury, Mr Healey acknowledged the impact of high government borrowing costs and promised to address the rising burden on businesses.
Mr Healey sought to present an optimistic assessment of the UK’s economic future despite the impact of global crises including the war in the Middle East and Russia’s invasion of Ukraine.
In a speech in Coventry ahead of next month’s Budget, the first since Andy Burnham entered 10 Downing Street, Mr Healey said: “The Prime Minister and I are in lockstep in our commitment to meeting the fiscal rules at the upcoming Budget, to balancing the books with a buffer to protect against uncertainty.
“To controlling borrowing to bear down on inflation and reducing long-term pressures on our public finances.”
He said the rising burden of debt interest showed “staying true to our values means being honest about the need to control government spending”.
But he insisted there was an “optimistic story” about the UK economy which had “huge latent potential”.
It was, he said, “a country turning a corner, a country whose people, businesses and communities are ready to seize the opportunity of new technologies and new ideas”.
