UK Chancellor Healey Pledges Fiscal Buffer in Pitch to City

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessUK Chancellor Healey Pledges Fiscal Buffer in Pitch to CityChancellor of the Exchequer John Healey committed to disciplined control of Britain’s public finances to protect against economic shocks, as he made a pro-business pitch to the City of London on his third full day in post.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.b]jr70i54e8fkc8ok6frk3)u_media_dl_1.png Office for Budget Responsibility(Bloomberg) — Chancellor of the Exchequer John Healey committed to disciplined control of Britain’s public finances to protect against economic shocks, as he made a pro-business pitch to the City of London on his third full day in post.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account“The prime minister and I have talked together about how we will work in lockstep to ensure we meet our fiscal rules with a buffer against uncertainty,” Healey told a gathering of executives at Bloomberg’s headquarters in London on Thursday. “Fiscal credibility is the bedrock of stability.”Healey, who succeeded Rachel Reeves as Britain’s finance minister after Andy Burnham took over as prime minister on Monday, said he wanted to bear down on costs faced by businesses, including taxes, energy and labor costs. Burnham’s initial policy blitz focused on easing financial pressure for consumers.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“I know businesses large and small have felt really squeezed,” Healey said. “I’m just as concerned about the cost of business as I am about the cost of living.”Burnham’s government announced on Thursday that from April it would cut taxes on pubs, social clubs and some live music venues at a cost of about £100 million ($134 million) annually, the latest in a series of economic measures revealed by the new premier. Other policies announced this week include cutting VAT on electricity bills for households and capping bus fares at £2.Burnham has also floated the prospect of increasing the tax-free income tax allowance, though without making any firm commitment. The £12,570 threshold has been frozen for five years, resulting in more people being dragged into paying tax as earnings rise with inflation.“We will look at that at the budget,” Burnham told broadcasters on Wednesday. “There is no commitment at this point to change.”On Monday, the prime minister said he would use “flexibility” within the UK’s fiscal rules and push borrowing closer to the limits of what investors will tolerate as he seeks to boost Britain’s slow-growing economy. The comments suggested No. 10 is paying attention to calls for the government to use off-balance-sheet structures to fund targeted infrastructure projects.“I want government decisions to raise the levels of investment, of innovation, of confidence,” Healey said at Bloomberg on Thursday. “I want Britain to become the best place in the world for those with ideas who want to start and grow a business.”—With assistance from Irina Anghel and Selina Chen.(Updates with more details from fifth paragraph.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.