Britain's Treasury chief used his first major speech since taking office seven weeks ago to try to set out a brighter vision for the economy before an annual budget, when he faces tough tax and spending choices.
Speaking at a manufacturing hub in Coventry, John Healey announced plans Monday to give city regions greater powers to attract private investment as part of Prime Minister Andy Burnham's plan to devolve power away from central government.
He also stressed his commitment to fiscal discipline and to curbing rising costs for business and the public, including a 25% reduction in regulatory costs by the next election due in 2029.
Yet much of what Healey said about his focus on growth, reducing regulation and lowering the cost of living was a continuation of the policy of his predecessor Rachel Reeves and former Prime Minister Keir Starmer.
"While Britain's growth trajectory has been weak, this must now change," Healey said, pointing to positive signs from fast growth in the first half of the year and signs that "productivity (is) finally ticking up after decades of lagging behind our peers."
