The UK’s new Prime Minister, Andy Burnham, is already sending shockwaves through Westminster. Defying almost every political forecast and market expectation, he has named John Healey, a former defense secretary, as the new chancellor of the exchequer. Healey steps into this role — one of the most powerful in the UK government — at a challenging moment for the British economy. Growth has been too low for too long; fiscal flexibility is limited; borrowing costs are the most burdensome among the G7 economies; and taxes are already high, though public services often disappoint.
UK chancellor faces rocky path to economic renewal
British PM Andy Burnham holds a meeting alongside Britain's chancellor of the exchequer John Healey (R). (AFP)
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The UK’s new Prime Minister, Andy Burnham, is already sending shockwaves through Westminster. Defying almost every political forecast and market expectation, he has named John Healey, a former defense secretary, as the new chancellor of the exchequer.
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Britain's new Prime Minister, Andy Burnham, names former Defense Secretary John Healey as Chancellor of the Exchequer in a…
Britain’s new prime minister, Andy Burnham, named former defence secretary John Healey to be his chancellor in a surprise move.…
Mohamed A. El-Erian sees reason to hope that the new chancellor can deliver a much-needed structural shake-up.
John Healey has been appointed Britain’s new Chancellor as Andy Burnham unveils a major shake-up of key Cabinet roles.
Burnham appoints former defence secretary to key role in surprise move
Burnham's "bold ambition" is his promise to remake Britain's economy, which is constrained by weak growth, high debt and…
