John Healey

Rolls-Royce shares rose nearly four percent on Thursday after the FTSE 100 engineering firm reported a 46 percent surge in first-half underlying operating profit to £2.5 billion, driven by a boom in defence spending and a sweeping transformation under CEO Tufan Erginbilgic. The company raised its full-year profit guidance to between £4.7 billion and £4.9 billion, exceeding analyst forecasts of £4.2 billion. All divisions—civil aerospace, defence, and power systems—showed improved profitability. Statutory profit fell to £1.6 billion from £4.4 billion a year earlier due to disposals and exchange rate movements. Rolls-Royce announced an interim dividend of 6p per share and is £1.4 billion through a £2.5 billion share buyback programme. The defence division secured a £2.4 billion order intake, with a backlog of £17.5 billion, supported by NATO orders and UK defence spending plans. Shares have risen over 42 percent in the past year.

1 reports · 1 sources · Updated Jul 30, 07:33 AM UTC

Aerospace drilling company Tek4 is preparing for an initial public offering on London's AIM market, aiming to raise £20 million at a valuation of around £40 million. The Leicestershire-based firm, which counts Rolls-Royce and GE among its customers, has appointed Panmure Liberum as bankers for the IPO expected later this year. Tek4 designs and manufactures specialized drilling machines for aircraft and gas turbine parts. The company has seen a surge in sales due to conflicts in Russia and the Middle East driving demand, and a new factory near its Leicestershire site is expected to boost production capacity by 80%. The listing comes as the London Stock Exchange seeks to attract more defence firms, with the UK government committing to increase defence spending to 3.5% of GDP by 2035.

1 reports · 1 sources · Updated Jul 27, 09:28 AM UTC

US President Donald Trump commented on UK Prime Minister Keir Starmer’s resignation, calling him a “lovely man” but blaming his failures on energy policies (banning new North Sea oil drilling) and refusal to let US use UK bases for offensive Iran strikes. Trump had predicted the resignation on social media a day prior. Incoming PM Andy Burnham was also criticized by Trump as “extremely liberal,” signaling ongoing tensions over energy and foreign policy.

11 reports · 3 sources · Updated Jul 27, 05:06 AM UTC

On his first day as UK Prime Minister, Andy Burnham executed a sweeping cabinet reshuffle, dismissing key Keir Starmer loyalists including Chancellor Rachel Reeves, Deputy PM David Lammy, and others. He appointed John Healey as Chancellor and Ed Miliband as Foreign Secretary, signaling a shift toward Northern English representation. The purge consolidates Burnham’s power and marks a decisive break from the Starmer era, with pledges on housing, fiscal rules, and an early election.

23 reports · 6 sources · Updated Jul 24, 02:40 PM UTC

UK Chancellor of the Exchequer John Healey has committed to disciplined control of Britain's public finances to protect against economic shocks, in a speech to City of London executives. Healey emphasized that 'fiscal credibility is the bedrock of stability' as he outlined plans to maintain a fiscal buffer. The pledge comes amid ongoing economic uncertainty and aims to reassure financial markets and investors about the government's commitment to fiscal responsibility. The article, published by The Business Times on July 23, 2026, highlights Healey's efforts to build confidence in the UK's economic management.

1 reports · 1 sources · Updated Jul 23, 09:21 AM UTC

UK Chancellor of the Exchequer John Healey has pledged to maintain disciplined control of Britain's public finances to build a fiscal buffer against economic shocks. Speaking to a gathering of executives in London, Healey emphasized that 'fiscal credibility is the bedrock of stability' as part of his pitch to reassure financial markets and the City. The commitment comes amid ongoing economic uncertainty and aims to strengthen investor confidence in the UK's fiscal framework. The article, published by The Business Times on July 23, 2026, highlights Healey's focus on prudent fiscal management as a cornerstone of his economic strategy.

1 reports · 1 sources · Updated Jul 23, 09:21 AM UTC

UK Prime Minister Andy Burnham has unveiled a 20% cut to business rates for pubs, clubs, and music venues, a £100 million commitment funded by cracking down on vape shops and tax-avoidant online sellers deemed not to make positive contributions to local communities. The policy, a key pledge during Burnham's Makerfield by-election campaign, aims to give Brits 'breathing space' on the cost of living and is the first business-focused measure from his government. It follows industry outcry over tax hikes in Rachel Reeves' Autumn Budget. Chancellor John Healey welcomed the move, stating venues are 'at the heart of communities.' The British Beer and Pub Association praised the cut but called for broader reform. The announcement comes alongside other cost-of-living measures, including VAT cuts on electricity bills and a £2 bus fare cap, though funding questions remain.

1 reports · 1 sources · Updated Jul 23, 06:01 AM UTC

The article analyzes the fiscal challenges facing UK Prime Minister Andy Burnham's new government, highlighting a £22bn black hole of unfunded commitments inherited from Keir Starmer's administration, including NHS pay rises and the Defence Investment Plan. Additional proposals like a foreign aid boost could push the figure above £60bn. Small cost-of-living measures such as a £45 electricity bill subsidy and a £2 bus fare cap are described as insignificant gestures that still require funding. Industry groups warn of a 'cost of doing business crisis' with rising taxes, costs, and red tape. Business Secretary Jonathan Reynolds has assured bosses that business interests are central to the agenda, but the author expresses skepticism, noting the influence of far-left advisors and a focus on bank levies and windfall taxes. The piece concludes that Britain's private sector will likely continue facing headwinds from energy prices and employment taxes.

1 reports · 1 sources · Updated Jul 23, 04:13 AM UTC

British Prime Minister Andy Burnham has appointed John Healey as chancellor of the exchequer, a move described as a calculated risk. The article, written by Mohamed A. El-Erian, analyzes Healey's potential to leverage his insider knowledge of the Treasury to pursue a bold, pro-growth agenda. It notes that Healey must manage his defense-spending instincts to provide the structural shake-up the UK economy needs. The piece is an opinion-based analysis of the economic implications of the appointment, published on July 22, 2026, by Project Syndicate.

1 reports · 1 sources · Updated Jul 22, 02:36 PM UTC

Lucy Rigby has been reappointed as City minister after being demoted from her role as chief secretary to the Treasury in a major reshuffle led by Prime Minister Burnham. Rigby, who previously served as City minister under Keir Starmer for nine months before being promoted in May, will now hold the dual brief of economic secretary to the Treasury and City minister. The reshuffle saw Angela Eagle promoted to environment secretary and Emma Reynolds, a former City minister, become chief secretary to the Treasury. Rachel Blake, MP for Cities of London and Westminster, has left the government. Rigby was a popular figure among City investors and accompanied Starmer on a state visit to China. As City minister previously, she introduced a stamp duty tax holiday for newly-listed companies. The Treasury changes also include John Healey as Chancellor and Murray as financial secretary, replacing Lord Spencer Livermore. Lord Jason Stockwood has been removed as investment minister.

1 reports · 1 sources · Updated Jul 22, 09:43 AM UTC

The article reports on expectations for the UK's June inflation data release, with headline CPI forecast to ease slightly from 2.8% to 2.7%. A drop in petrol and diesel prices is cited as the main driver, though renewed US-Iran tensions have pushed oil prices back up, suggesting any easing may be temporary. Economist Thomas Pugh warns inflation could still peak at 3.4% in November. The inflation news is seen as a potential early boost for new Chancellor John Healey, whose first full day as Prime Minister was overshadowed by a political row over funding a VAT cut on electricity bills by scrapping Digital ID plans. Critics, including former Starmer ally Darren Jones, argue the savings do not exist. The article also notes food prices may rebound later due to Middle East conflict effects on supply chains.

1 reports · 1 sources · Updated Jul 22, 05:30 AM UTC

Chancellor John Healey is expected to announce major tax rises in the autumn after a City AM analysis revealed £22bn in uncosted spending pledges from Prime Minister Andy Burnham's administration. The pledges include ending rough sleeping and removing VAT from energy bills, adding to commitments inherited from Keir Starmer. Economists warn that a third consecutive tax-raising budget would damage business confidence. The £22bn figure does not include other costly proposals such as unfreezing personal allowances, nationalising Thames Water, or increasing foreign aid, which could add at least £45bn. Healey is constrained by fiscal rules and manifesto promises not to raise income tax, VAT, or employee national insurance, leaving limited options to generate revenue. The analysis highlights the tension between spending ambitions and fiscal discipline, with markets and investors skeptical that many commitments will be fulfilled.

1 reports · 1 sources · Updated Jul 22, 04:00 AM UTC

John Healey's surprise appointment as UK Chancellor has drawn comparisons to Denis Healey's 1976 IMF bailout era, though the new Chancellor inherits a slightly better economic situation. A Bloomberg poll showed Healey was the second most popular choice among City executives, behind West Streeting. Healey previously served as Economic Secretary and Financial Secretary to the Treasury under Tony Blair, where he championed light-touch regulation for the City in 2006, defending the 'innovation, flair and light-touch regulation' that made London a leading financial centre. However, Healey faces three major constraints: his own recent resignation over defence funding, Prime Minister Andy Burnham's tendency to announce policies before finding funding, and limited public and market appetite for further tax increases. Gilt yields have already begun rising as markets assess the challenges facing the new Chancellor, though the situation is not as dire as 1976.

1 reports · 1 sources · Updated Jul 22, 04:00 AM UTC

Housebuilders have called on Angela Rayner to 'hit the ground running' and dismantle planning red tape after her surprise return as UK housing secretary. Rayner resigned in September 2025 over a tax investigation but was cleared in March 2026. Industry figures welcome her return but warn of severe challenges: only 204,000 homes were completed in the year to March, far below the 300,000 annual target needed for Labour's 1.5 million homes pledge. The Iran war has driven up building costs, and mortgage rate hikes have dampened demand. Eight profit warnings were issued by listed housebuilders in H1 2026. Vistry CEO Adam Daniels highlighted partnership models for council housing, while Bellway's finance chief called for a new equity loan scheme. Barratt Redrow and Rightmove jointly urged stamp duty abolition for first-time buyers. Industry sources fear a major housebuilder collapse may be needed to spur Treasury action.

1 reports · 1 sources · Updated Jul 22, 04:00 AM UTC

Rolls-Royce CEO Tufan Erginbilgic has issued an ultimatum to UK Prime Minister Andy Burnham, warning that failure to provide financial support for a £3bn short-haul jet engine program could result in the loss of 40,000 UK jobs and production moving abroad. The engines are intended for next-generation Airbus and Boeing aircraft. Erginbilgic stated that while Rolls-Royce prefers to build in the UK, it is exploring funding agreements with foreign governments, notably Germany. He noted that competitors Pratt & Whitney and GE/Safran receive significantly more government funding. The company had been close to a deal under former PM Keir Starmer but now must re-engage with the Burnham administration. Erginbilgic expressed hope due to Chancellor John Healey's familiarity with the firm. The decision window is narrow, as manufacturers will select engines within two years.

1 reports · 1 sources · Updated Jul 21, 07:39 PM UTC

The new Labour government under Prime Minister Andy Burnham convened its first cabinet meeting on July 21, 2026, facing enormous challenges from the outset. The top priority is reducing the cost of living, with an initial measure suspending VAT on household electricity for six months starting October 1, saving households an average of £45. However, consumer advocates doubt the measure's effectiveness as energy prices are expected to rise. The government also faces a foreign policy test regarding Russia, with criticism over the appointment of inexperienced Wes Streeting as Defense Secretary. Financing for increased military spending and social housing remains unclear, and Finance Minister John Healey has called for spending discipline, echoing the dilemmas that led to the previous government's collapse.

1 reports · 1 sources · Updated Jul 21, 05:50 PM UTC

Britain's new Prime Minister Andy Burnham secured an early defense policy victory as Canada joined the Global Combat Air Programme (GCAP) as an observer, marking the first expansion beyond founding members Britain, Italy, and Japan. The announcement was made at the Farnborough Airshow, where defense sector demand is surging due to conflicts in Ukraine and the Middle East. Burnham appointed John Healey, a defense spending advocate, as finance minister and Wes Streeting as defense secretary, boosting UK defense stocks. Canada's observer status involves no immediate financial commitment but could lead to full membership and jet orders. Separately, BAE Systems, Boeing, and Saab signed a deal to offer Britain a new fast-jet pilot training aircraft based on Boeing's T-7 system, replacing the aging Hawk fleet. The moves reflect a broader European push to reduce reliance on US military technology.

1 reports · 1 sources · Updated Jul 21, 04:45 PM UTC

Britain's new Prime Minister Andy Burnham secured an early defense win as Canada joined the Global Combat Air Programme (GCAP) as an observer, marking the first expansion beyond founding members Britain, Italy, and Japan. The announcement coincided with the Farnborough Airshow, where defense sector demand is surging due to conflicts in Ukraine and the Middle East. Burnham appointed John Healey, a defense spending advocate, as finance minister and Wes Streeting as defense secretary, boosting British defense stocks. Canada's observer status involves no financial commitment but could lead to full membership and jet orders. Additionally, BAE Systems, Boeing, and Saab signed a deal to develop a new fast-jet pilot training aircraft to replace the UK's aging Hawk fleet. The moves reflect European allies' push to reduce reliance on U.S. military technology.

1 reports · 1 sources · Updated Jul 21, 04:45 PM UTC

The UK Parliament's Crypto and Digital Assets All-Party Parliamentary Group (APPG) has launched a formal inquiry into why banks refuse to open accounts and block payments for crypto businesses. Co-chaired by Lord Vaizey and Labour MP Gurinder Singh Josan, the inquiry will accept written evidence until August 31 and aims to publish recommendations before the FCA's mandatory crypto regime begins in October 2027. Research from the UK Cryptoasset Business Council found roughly 40% of payments to crypto exchanges were blocked or delayed by UK banks, with one platform reporting almost £1 billion in rejected transactions during 2025. The inquiry will examine why FCA-registered businesses continue facing banking hurdles despite regulatory progress, and will compare the UK's approach with the US, Hong Kong, Australia, and the European Union. The move tests whether the UK's ambition to become a global digital asset hub can survive banking restrictions, especially as the new government under Prime Minister Andy Burnham takes office.

1 reports · 1 sources · Updated Jul 21, 04:30 PM UTC

The Financial Times reports on the formation of UK Prime Minister Andy Burnham's new Labour government cabinet, highlighting surprise appointments including former defence minister John Healey as chancellor, Ed Miliband as foreign secretary, and Wes Streeting as defence secretary. Many allies of former leader Keir Starmer have been removed. The article, presented as a podcast transcript, features FT journalists Lucy Fisher, Miranda Green, Robert Shrimsley, and Jen Williams discussing the cabinet changes, policy announcements, and funding challenges. Key topics include the removal of VAT on electricity bills and the government's industrial revival strategy. The piece also references related FT articles on fiscal challenges and continuity versus change in the new administration.

1 reports · 1 sources · Updated Jul 21, 04:03 PM UTC

The appointment of John Healey as the new UK finance minister has temporarily calmed the UK's jittery government bond market, according to a report from The Business Times Singapore. However, investors remain cautious and anticipate further tax increases and rising debt levels ahead. The market's initial positive reaction to Healey's appointment is seen as a short-term relief, with underlying concerns about the UK's fiscal trajectory persisting. The article highlights the delicate balance the new minister must strike between reassuring markets and addressing the country's economic challenges.

1 reports · 1 sources · Updated Jul 21, 02:58 PM UTC

Martin Lewis, founder of Money Saving Expert, has publicly advised new UK Prime Minister Andy Burnham on tackling the cost of living crisis. Lewis outlined three priority areas: first, the ongoing cost of living pressures despite falling inflation, noting that the VAT cut on electricity bills is a 'totem of help' but insufficient. He called for further energy bill reductions, banning mid-contract price hikes on mobile and broadband, and addressing water bill increases and high housing costs. Second, Lewis highlighted intergenerational problems, particularly for young people facing a tough job market with vacancies halved since 2022 and AI threats. He criticized the government's freeze on the Plan 2 student loan repayment threshold, calling it a 'breach of the original promise' that forces graduates to pay more as earnings rise. The article also notes Burnham's government has cut VAT from electricity bills and may cap bus fares at £2.

1 reports · 1 sources · Updated Jul 21, 02:22 PM UTC

New UK Prime Minister Andy Burnham has announced a VAT cut on electricity bills to address the cost of living crisis, with speculation of a £2 bus fare cap. Chancellor John Healey stated the energy tax cut aims to provide families breathing room this winter. Money Saving Expert founder Martin Lewis weighed in on X, identifying three key areas for the government to focus on: the cost of living itself, intergenerational problems, and a third area (article truncated). Lewis called the VAT cut a 'totem of help' but insufficient, urging further measures like banning mid-contract price hikes on mobile and broadband, addressing water bill hikes (up 40% in some areas), and high mortgages/rents. On intergenerational issues, Lewis highlighted a tough job market with vacancies halved from 2022 levels, AI's impact, and criticized the freeze on Plan 2 student loan repayment thresholds as a breach of promise, as frozen thresholds mean higher repayments as earnings rise.

1 reports · 1 sources · Updated Jul 21, 02:22 PM UTC

Chancellor John Healey has challenged Cabinet ministers to find savings in their budgets during the first Cabinet meeting under Prime Minister Andy Burnham's government. Healey urged ministers to 'look harder' at spending priorities across departments to maintain fiscal discipline and relieve the cost of living. The call came hours after former chief secretary Darren Jones criticized the government for an 'unfunded' tax cut on energy bills via VAT reduction, which Burnham defended as offering help. Burnham emphasized teamwork and ending internal briefing wars, while Healey promised 'fiscal control' ahead of the Budget later this year and a Spending Review in mid-2027. Business rates relief for pubs is expected among upcoming announcements. Healey, who resigned as defence secretary under predecessor Keir Starmer, is expected to prioritize defence funding.

1 reports · 1 sources · Updated Jul 21, 02:02 PM UTC

Rolls-Royce CEO Tufan Erginbilgic stated at the Farnborough Airshow that the company urgently needs a decision from the UK government on whether to provide a subsidy for developing a new narrowbody aircraft engine. The engine would allow Rolls-Royce to re-enter the single-aisle market, a sector it has been locked out of for 15 years. Erginbilgic confirmed talks are also underway with Germany and the US, but prefers the UK due to the company's origin. He expressed hope after the UK's recent political change, noting that new finance minister John Healey understands Rolls-Royce's contributions. The CEO said if the government backs the project and the engine secures a position on a narrowbody airframe, it could create 40,000 British jobs. Boeing and Airbus are expected to decide on engines for new jets in two years, adding urgency to the subsidy decision.

1 reports · 1 sources · Updated Jul 21, 01:20 PM UTC

Reuters market analyst Mike Dolan's Morning Bid column covers key global market drivers on July 21, 2026. Global stocks rallied on a dip in Brent crude below $90 per barrel amid mediation efforts in the ongoing U.S.-Iran conflict, though the threat of Houthi disruption to Saudi shipping looms. Donald Trump announced 50% tariffs on $20 billion of Canadian imports, reopening regional trade tensions. In the UK, new Prime Minister Andy Burnham appointed former defence minister John Healey as Chancellor, sparking speculation that defence spending may be exempted from fiscal rules; a cut in electricity taxes funded by scrapping a digital ID program could ease inflation. Markets also await Alphabet's earnings, expected to show 21% revenue growth to $117 billion, with cloud revenue surging 64%.

1 reports · 1 sources · Updated Jul 21, 10:39 AM UTC

Reuters market analyst Mike Dolan reports that global stock markets seized on a sliver of hope in the U.S.-Iran conflict as mediation efforts pushed Brent crude below $90 per barrel, despite renewed fighting entering its 10th day. The article highlights Donald Trump's new tariff salvo against Canada, applying 50% tariffs on $20 billion of Canadian imports including wine, cement, and clothes. In the UK, new Prime Minister Andy Burnham appointed former defence minister John Healey as Chancellor of the Exchequer, sparking speculation that defence spending may be carved out of fiscal rules. The piece also previews Alphabet's upcoming earnings, expected to show 21% revenue growth to $117 billion, with cloud revenue growing 64% annually. Market focus remains on big tech earnings and geopolitical developments.

1 reports · 1 sources · Updated Jul 21, 10:39 AM UTC

Wes Streeting has been appointed UK Defence Secretary in Prime Minister Andy Burnham’s cabinet, replacing Dan Jarvis after a record-short 40-day tenure. This marks the sixth Defence Secretary in seven years, reflecting ongoing instability. Streeting, a former Health Secretary with no defence background, inherits a controversial Defence Investment Plan that cuts conventional platforms like Type 83 destroyers in favor of unproven uncrewed systems. UK defence spending is around 2.6% of GDP, but conventional spending is only 1.6% due to nuclear costs, straining military capabilities.

9 reports · 4 sources · Updated Jul 21, 09:50 AM UTC

Global stocks rose on Tuesday as oil prices retreated from a one-month high amid mediation efforts in the Middle East. Yemen's Houthis threatened a naval blockade on Saudi Arabia, but a senior Iranian official said Tehran received a proposal for a 10-day ceasefire. Brent crude eased 0.6% to $88.72 per barrel. In equities, Europe's STOXX 600 rose 0.2%, Japan's Nikkei gained 3%, and South Korea's KOSPI surged 4.5%. US President Donald Trump imposed 50% tariffs on $20 billion of Canadian imports, though market reaction was muted. Investor focus is on upcoming earnings from Alphabet and Intel to test the AI trade. Traders are pricing in at least one Fed rate hike this year. The dollar hovered near a one-week high, while the yen remained near 40-year lows. Sterling fell for a fourth consecutive day after the UK appointed a new finance minister.

1 reports · 1 sources · Updated Jul 21, 09:49 AM UTC

The U.S. dollar edged lower on Tuesday as markets balanced escalating Middle East tensions against lingering optimism from softer U.S. inflation data. The euro rose 0.09% to $1.1424, while the yen slipped 0.09% to 162.63. The U.S. military has struck Iran for ten consecutive nights, reigniting conflict fears and typically boosting safe-haven demand for the dollar. However, active diplomatic efforts, including a reported 10-day ceasefire proposal from mediators to Tehran, have created uncertainty. Benign U.S. inflation data last week curbed bets on further rate hikes, but the outlook remains murky due to potential disruptions to shipping through the Strait of Hormuz and oil market volatility. Brent crude, though down 1.1% on the day, has surged nearly 21% in July. Traders still expect at least one Fed rate hike this year. The U.S. dollar index dipped 0.05% to 100.9. Separately, the Canadian dollar steadied after a new U.S. 50% tariff on Canadian products. In the UK, new Prime Minister Andy Burnham and Finance Minister John Healey took office, with markets watching fiscal plans. The ECB is expected to hold rates steady this week but may hike later in the year.

1 reports · 1 sources · Updated Jul 21, 09:17 AM UTC