Chancellor says there’s ‘nothing progressive’ about government spending £1 in every ten on debt interest Chancellor to argue UK economy can ‘turn corner’ despite bond market turmoil Healey stresses the government’s commitment to fiscal discipline. On my first day in the Treasury, I said that fiscal discipline was my first priority of chancellor. It underwrites every promise this government makes. And 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. Because the UK is home to nearly half the most innovative companies in Europe. We’re world leaders in life sciences, in defence, technology and creative industries, financial services, our science and research base is world beating, our capital markets are some of the largest and most vibrant anywhere in the world, and the UK stock market is hitting all-time highs. UK debt costs were historically around the G7 average until Liz Truss’s mini budget crashed the economy and collapsed confidence in Britain’s fiscal strength. So since 2022, we have been paying that trust penalty as we battle to re-establish belief in Britain and the UK’s fiscal sustainability. Continue reading...