Category: Economy

  • Ed Miliband – 2026 Speech on the Global Financial System

    Ed Miliband – 2026 Speech on the Global Financial System

    The speech made by Ed Miliband, the Foreign Secretary, in Bangkok on 14 October 2026.

    So, look, I come to this event very conscious that I’m sharing a panel with people who know much more about these issues than I do. What am I trying to do in my remarks before you get onto the real experts on the panel?

    I want to try and offer political leadership on the part of the UK on these issues, and to explain why I believe political leadership on the part of the UK is right, is necessary, and I believe can make a difference, particularly over the coming year as we approach our G20 presidency. And this is my argument today.

    First, I come to these issues, to these challenges, believing that the UK’s foreign policy must confront issues of debt development and climate, for reasons of both values and interests, and I want to explain what I mean by that.

    Second, I want to take inspiration from past UK leadership, but I want to recognise that today’s agenda in 2026 is very different from the challenges we confronted 20 years ago.

    And third, I want to set out some thoughts about how the UK wants to take these issues forward. But first, the case for action.

    In my first week as foreign secretary, I confirmed I would serve as Governor to the World Bank, and I believe I’m the first ever British Foreign Secretary to attend the annual meetings in this role.

    Why did I decide to do this? Because the issues of climate, development, and debt matter profoundly to me. I know from my experience working on climate for nearly two decades that the countries that have done least to cause the climate crisis face its most extreme effects. And if 20 years ago we talked about the climate crisis as a theoretical future threat, we now know it is a present-day reality for many countries, including our own.

    But it is small island states and many other developing countries for whom this crisis is existential. And I also know that for many, this vulnerability on climate breakdown is now piled on top of high levels of debt servicing and the urgent need for poverty reduction.

    Now, this is a values case for action, but I believe it is also matched by our national interest as the UK, because in the interconnected world we live in, the opportunities and challenges we confront are collective. We can all benefit from prosperity and growth across the world. Emerging markets can help our economic gains for themselves but also help spur global growth.

    And it is true of the challenges we face as well. Climate is a national security issue, and this is one of the things I’m emphasising in my role as Foreign Secretary, but these are national security issues that cross borders.

    This is a collective action problem because issues of global food security, energy security, migration will affect Britain if we do not tackle them.
    And the same is true on debt, development, and fragility. A foreign policy, in my view, that ignores the root causes of conflict in the world is one that is wholly inadequate to genuinely defending our security.

     So that’s the first part of my remarks. Why I am here, and I’m determined the UK plays a leading role. Second, I take inspiration from the past and what UK leadership, working with others has achieved.

     I was an advisor in the Treasury in the 2000s working with Gordon [Brown] and Shriti [Vadera] on Development and Debt in the run up to Gleneagles in 2005, the biggest debt relief intervention for a generation. I even remember being phoned and shouted out by Bob Geldof, although at the end of the conversation he made clear that he thought I was Ed Balls, my colleague.

    But now that action from two decades ago, as well as what was done in the HIPC [Heavily Indebted Poor Countries] Initiative in the 1990s, continues to make a difference.

    But the world is different, and I cite these examples not to say we rerun the past, but also to say how are things different and how we must rise to the level of ambition of the previous era. So, how has our thinking changed?

    I think I think first of all, we know that this must be a partnership of equals as we think about tackling these questions, not a rich world dispensing help to poorer countries. And we also know, and this is something that Shriti has very much emphasized in her work, of the opportunities for growth in emerging economies.

    This is an opportunity story, not just a deficit and challenges story, and I think this is a very, very important part of the picture that we are painting.

    We also, though, have to acknowledge the profound moment of challenge that we face as a world, even more than 20 years ago. When foreign secretaries come to events like this, they get a [diplomatic] telegram, as we call it, a Diptel. In my case, from Vel Gnanendran, our representative on the World Bank board, and as Vel pointed out in his Diptel, we have a world where there is more conflict than at any time since the Second World War.

    We see rising food and fuel prices as a result of the Iran War, which comes on top of Russia’s invasion of Ukraine, which came on top of COVID, and we see climate damage hitting developing countries as we brace ourselves for the worst El Nino on record.

    That is quite a portfolio of challenges, a perfect storm of challenges, and at the same time, we see greater fiscal strain in richer countries. ODA spending continues to play a critical and valuable role in the UK’s work, but in common with others, it is reduced. I say all this about the world having changed and about the challenges, so we get the solutions for today and the future right.

    And I want to emphasise this point: the same issues as 20 years ago persist about the fundamental failings. This is the title, in a way, of today’s event: the failings of the global financial system and indeed of the global order to properly serve developing countries, and that includes the imbalances of power we see between Global North and Global South.

    The manifestations of this imbalance, the nature of the challenges may have changed, but the injustice hasn’t, and that’s why we’re determined to bring the same level of ambition as we did back then.

    Third, then this is the third part of my remarks. This takes me to what do we do about it, and this is incredibly important. It’s easy to commentate on the world, but the point of political leadership is not to commentate; it is to act.

    One of my predecessors from some time ago, Lord Carrington, used to say – I’m told, I wasn’t around at the time – at the end of meetings at the Foreign Office, ‘and so’. In other words, ‘and so, what are we going to do’? And we’re not short of insightful proposals from successive G20 presidencies, from coalitions such as the Bridgetown Initiative (I was with [Prime Minister of Barbados] Mia Mottley earlier on today), President Macron’s ‘four Ps’, and the important Accra Reset.

    But how do we translate it into action?

    I said earlier that next year the UK takes the chair of the G20, and I wanted to use this moment to lay out some ideas today around areas we can take action: around debt, around investment, around resilience, and around fragility. And I’ll say something briefly about each of them.

    First, on debt, the debt problem may have changed, but its impact, if anything, is worse than 20 years ago.

    Debt servicing costs are at a 25-year high in sub-Saharan Africa. Over three and a half times more is spent on debt servicing than on education. And this is in part because the Global South is paying the price for rising interest rates in wealthier countries, and the Rockefeller report shows this very well.

    Many of these countries’ debt may be sustainable over the longer term, but the short-term repayments are crippling. And while many are not defaulting on their payments, they are being forced, if you like, to default on the lives of future prospects of future generations. So we need a new deal on debt, a deal that supports countries to repay over longer time horizons and, crucially, refinancing with better rates to give developing countries precious fiscal space.

    And we’re right to talk about the private sector. And I was at an event this morning, obviously, it’s a theme of the Annual Meetings, but we can’t ignore the issue of fiscal space.

    I do want to acknowledge the work the World Bank has already done on these issues, but we need all of the [multilateral development banks] MDBs to go further, as well as debtor countries delivering their end of the bargain through economic reform.

    Now, there is a small number of countries, and again, this was pointed out in the Rockefeller report, that need deeper relief.  And this deal must also deliver faster debt restructuring through the G20 Common Framework, and we’ve got to improve the debt architecture in the longer term, so we don’t find ourselves in this position again, including ensuring that debt restructuring can’t be blocked by a single private lender.

    But I think it is also the case, and I know there is debate about this, that we can make progress on this agenda through the full implementation of the review of Capital Adequacy Frameworks.

    We know that some MDBs are not even making full use of the headroom they already have to provide greater funding. So using their balance sheets, and this could release 10s of billions or even more fiscal space.

    There was a Standard and Poor’s report recently, which suggested hundreds of billions of fiscal space could be opened up by leveraging the balance sheets of the of the MDBs.

    I also want to just say, in this context tackling the issue of dirty money is also crucial. Africa alone loses an estimated $90 billion each year in illicit capital flows, outstripping both aid and foreign direct investment. As a global financial centre, the UK has a responsibility to play our part, and we’re going to convene an international summit in 2027 on illicit finance.

    And we will also continue to back partner countries’ own efforts to raise higher domestic revenues and to secure the international tax revenues they are owed.

    So that’s the first point that I want to make on debt. Second, we know we can’t only focus on debt and public investment. We know it’s part of the story, but not the only story.

    And this is the point about private capital. And I do think this is an inspiring agenda. And I do want to acknowledge what Ajay has done at the World Bank, as Shriti pointed out this morning at a panel discussion, trebling the amount that has been released in terms of private capital leverage through the World Bank. We know global savings are worth hundreds of trillions of dollars. We know that capital stays overwhelmingly in rich countries. Even a fraction of it would make a huge difference to lower-income countries.

    Now, the UK government has brought together pension funds, insurance companies, commercial banks, and others through our EMDE [Emerging Markets and Developing Economies] Investor Task Force, and this has highlighted the possibilities: how the multilateral development banks and bilateral development finance institutions need to overhaul the way they work to vastly improve their ability to crowd in the private sector by sharing risk and building the pipeline of opportunities.

    And there’s a really interesting aspect to this, which is that the private sector seems to overestimate the risk of investments in developing countries, because last week the MDBs published data on their investments, and that shows the returns, not just the risks, that investors can expect in emerging markets.

    Individually, the MDBs are doing good work, but collectively they can go much further, including by creating asset classes that attract far greater volumes of capital, and by deepening domestic capital markets. So that’s something about the private capital and the difference it can make.

    Third, I want to make a point about resilience, because we can make headway on fiscal space, and we can make headway on investment, and yet still see gains wiped out by repeated climate shocks and natural disasters.

    And this is something that we cannot ignore. Maybe it could have been ignored 20 years ago, but it can’t be ignored in the world we live in in 2026.

    Extreme heat, floods, droughts, hurricanes, and wildfires. You all know it in the audience, destroying livelihoods, displacing populations.

    I’m doing an event tomorrow with the Nepalese finance minister, precisely about this question, and we know what happened in Nepal only very recently.

    Now, of course we need to carry on our work to reduce emissions. But, and it’s really important to say this: adaptation and resilience on its own can’t address this problem if we don’t address mitigation and emissions. But we also know that many climate change effects are already locked in, so we need a fundamental shift from financing disaster response after the fact to investing in preparedness and resilience before the crisis hits.

    And we have to make resilience central to creating a financial system that works for all.

    That means better data, better early warning, and better infrastructure that can withstand or recover quickly from shocks.  But – and this is the key point I want to make – we also need finance teed up in advance of crises, so that governments get rapid support. Currently, only 2% of crisis finance is prearranged, despite, and you might think, well, how can it be pre-arranged, despite 35% of shocks being predictable.

    Time is of the essence to save lives, limit costs, and limit damage. And we know that pre-arranged finance, including insurance, works. It enabled rapid payouts of over $600 million to help Jamaica get back on its feet after Hurricane Melissa. It paid out drought insurance in Ethiopia, Kenya, and Somalia. We need to make these approaches the norm.

    And we need much stronger private sector take-up of so-called pause clauses to countries hit by major shocks to defer debt payments.

    The last point I want to make is on fragile states. This is gloomy, I’m afraid.

    This decade could be the first in more than a generation without meaningful progress in reducing extreme poverty, which blights the life chances of over 800 million people.

    Previously, ending extreme poverty was not simply a phrase; it was within reach. But that progress has not only stalled; it is being reversed. And this picture is inextricably linked to conflict and fragility, countries where power politics work directly against development and where the consequences of instability transcend borders and cross continents. Places like Sudan and Afghanistan, where we must confront the drivers of conflict and target our efforts accordingly, including working with women and girls who so often pay the heaviest price.

    Now, the reason I make this point is we can’t simply say that because a government is failing its people, we will do so as well. So, I welcome the World Bank’s new strategy for improving its work in these difficult contexts and urge it to be fully implemented. But the entire international system needs to change in relation to fragility. The MDBs, IMF, and UN should work together from the outset in ways that build on local leadership. And the MDBs must take action to end the wasteful duplication of their processes.

    Every unnecessary delay means jobs not created, schools not rebuilt, and communities left vulnerable.

    So this is just a summary of some of the ideas we have for our G20 presidency. We want to see action on debt, private sector mobilisation, resilience, and on fragile states. And this is work I will take forward with my colleague and friend, the Chancellor John Healey.

    I think it’s important also, though, to acknowledge that we can only shape our ideas with you in this room, with partners across the Global south, and with others, including civil society and others, mobilising for change. I’m not one of those politicians who believes that politics should be left to politicians. Politics is about everybody. It’s about popular movements. It’s about campaigners. It’s about policy advocates. It’s about the whole range of civil society.

    Let me then end finally, though, with this thought.

    So I said earlier that there was a perfect storm of challenges facing the world, the biggest set of challenges since 1945. But in case we are daunted by the challenges, I think we should think of the spirit of that generation that rebuilt the world anew after 1945.

    My parents were part of that generation. They were refugees from the Nazis. They saw the world rebuilt after World War II, the UN, the Bretton Woods institutions, the Universal Declaration of Human Rights. All of those had their flaws, but I make this point because I think I think it’s so important for us to remember as we face these challenges in our generation. That generation faced absolutely enormous challenges, but they didn’t lower their sights; they raised them.

    They raised their sights, and they built the world anew, as I said. And I think what’s so important in the era that we live in, and I think our prime minister is a fantastic exemplar of this, is this same spirit of boldness should call us today, in this generation, to build the world anew and to defend our values of solidarity, justice, and equality.

    And together, Global South and Global North. We should all take that spirit forward in the work we do in the months and years ahead. And on behalf of the UK Government, I pledge that we will play our part, working with others in that spirit. Thank you so much, everybody.

  • Kemi Badenoch – 2026 Comments on Inheritance Tax

    Kemi Badenoch – 2026 Comments on Inheritance Tax

    The comments made by Kemi Badenoch, the Leader of the Opposition, on 7 October 2026.

    The Conservatives are and always have been the party of home ownership. We understand why putting roots down and having a stake in society matters.

    Our homes are where we watch our children take their first steps. They are where we gather every Christmas to put up the same decorations. Passing on your home to your family is one of the most human instincts of all.

    That is why the next Conservative government will legislate so nobody will ever pay Inheritance Tax on their family home.

    No Stamp Duty when you buy your home. No Mansion Tax when you live in your home. And no Inheritance Tax on your home when you pass it to your children or grandchildren. That is what the next Conservative government will deliver.

  • Lucy Rigby – 2026 Speech at UK Digital Assets Week

    Lucy Rigby – 2026 Speech at UK Digital Assets Week

    The speech made by Lucy Rigby, the Economic Secretary to the Treasury, in London on 6 October 2026.

    Thank you, and good morning everyone. 

    It is a real pleasure to open UK Digital Assets Week. 

    Just across the road are the Crown Jewels: some of the most valuable assets in the country, protected by centuries of law, institutions and very serious-looking security. And here we are, discussing assets of a very different form, but those that will undoubtedly play a very significant role in our country’s future and indeed our future prosperity.  

    And, the question facing us today is not whether digital technologies will change financial services. 

    They already have. 

    The question is whether we in the UK are prepared to move quickly enough and ambitiously enough to shape that change. 

    And my message today is very simple. 

    We are prepared, we are moving quickly, and we are more than ambitious enough to lead the world in digital assets. 

    When we take a step back, and we should take a step back, looking at the last couple of centuries, it’s fair to say that we are used to technological development giving us new products and new services. 

    But on occasion, technology changes something more fundamental: it changes the infrastructure on which an economy operates. 

    The move from paper to electronic trading transformed our financial markets in the 1980s and 1990s. 

    And I believe the shift from electronic markets to truly digital markets will prove just as significant.  

    This isn’t just about getting rid of paper or putting existing processes onto a slightly better computer system. 

    It is asking whether the architecture of finance itself can be better. 

    Whether assets can move more efficiently. 

    Whether transactions can settle faster. 

    Whether collateral can work harder. 

    Whether new forms of money can improve payments. 

    And whether technology can open markets to greater competition and innovation. 

    That is why digitalisation is not a niche technology agenda. 

    It is an economic agenda. 

    A competitiveness agenda. 

    And, increasingly, a national endeavour.  

    Government can create the conditions. 

    Regulators can provide clarity, confidence and appropriate safeguards. 

    But it is firms, investors and entrepreneurs who will deploy capital, build products and compete in these markets of the future.  

    That partnership is the basis on which the UK will succeed. 

    As we take this partnership forward, we also need to work closely with international partners to realise the benefits and avoid fragmented markets. 

    I am keenly aware of this as we gear up for our Presidency of the G20 in 2027.  

    Of course, saying that we want to succeed is the easy bit. 

    The substantive question is what we are actually doing about it. 

    And that is where I think the UK story is at its most compelling. 

    Last year we published our Wholesale Financial Markets Digital Strategy, built around market optimisation, transformation and leadership.  

    We are removing legacy processes; 

    Creating the regulatory environment in which new infrastructure can develop;  

    Building a regulatory framework for cryptoassets and stablecoins; 

    We are putting our own sovereign issuance onto digital infrastructure. 

    And critically industry is forging the path ahead. 

    That is why I appointed Chris Woolard as our Wholesale Digital Markets Champion. 

    His first report in July set out a clear challenge: that tokenised markets are fundamental to the future of financial services, and that the decisions we take now will help determine whether the UK remains at the heart of the next generation of global markets. 

    Since then, Chris has announced the composition of his industry action groups, bringing together firms from across the sector to tackle the practical barriers to adoption. 

    It is fantastic to see both the variety of firms and the seniority of the people involved. I would like to thank everyone involved in the process for committing your time and enthusiasm to this project. 

    That commitment matters. 

    Because the challenge now is not proving that the technology works. 

    It is creating the conditions in which markets can adopt it at scale. 

    The prize is significant. And this is a moment when the UK has an opportunity to move as one, be brave, and establish itself at the forefront of the next generation of global financial markets. 

    We can see momentum building across the system. 

    Take the Digital Securities Sandbox. 

    The Sandbox was designed to give firms a route from testing new technology to using it in live UK financial markets. 

    And that journey is now happening. 

    In July, HSBC became the first firm to receive approval to operate a live Digital Securities Depository in the Sandbox.  

    ClearToken has become the second firm to receive that approval.  

    That is real progress. 

    And as part of making sure the sandbox continues to work for firms, we intend to lay secondary legislation over the coming months to support the delivery of digital services and issuances in the DSS. 

    So we are moving from experimentation to live activity, with digital financial-market infrastructure trading digital securities here in the UK. 

    DIGIT is a symbol of the government’s commitment to this agenda, and of its willingness to play an active role in digitalisation. 

    The Digital Gilt Instrument – DIGIT – will be a digitally native UK Government debt issuance issued onto the HSBC Orion platform in the Digital Securities Sandbox. 

    The DIGIT pilot issuance in the first quarter of 2027. And, we are taking steps to prepare for potential further issuances, subject to the success of that first transaction.  

    To support the government’s objectives, HSBC and LSEG are working together to develop a bilateral link – the first of its kind – which will allow investors to access DIGIT through either infrastructure. 

    We are intending to list DIGIT as the first digital asset on the LSEG main market. And we are engaging the sector more widely to support the delivery of the pilot. 

    Today, I am pleased to be able to announce that we have appointed six firms to act as Joint Lead Managers for the pilot issuance of DIGIT.  

    This is an important moment for the project and is another major step toward delivering on our ambitions for digital assets in the UK. 

    These institutions will bring vast experience from both traditional sovereign debt issuances, and from digital markets, and their appointment reaffirms the commitment to ensuring the success of DIGIT. 

    The United Kingdom’s strength comes from being one of the world’s great meeting places for international capital. 

    And our ambition is that the same should be true of digital capital markets. One of the objectives of DIGIT is to act as a catalyst to support the development of DLT. 

    We want to build an ecosystem that connects the world with the UK right at the centre.

    But digital securities are only one part of this transformation. 

    If we are going to build genuinely digital markets, we also need to think about digital money. 

    There is little point transforming one half of a transaction if the other half remains dependent on older technology. 

    And this is an area where developments are moving quickly. 

    Our approach is not to pick which form of digital money will ultimately win. 

    Instead, our job is to create conditions in which responsible innovation can compete. 

    Stablecoins. 

    Tokenised commercial bank deposits. 

    A diverse system, where different forms of money play their own role and can be freely exchanged. 

    And over recent months we have made substantial progress towards putting that framework into practice. 

    This year marked an important change in the UK’s approach to cryptoassets. 

    We moved from debating the shape of regulation to implementing it. 

    The regulations I took through in February bring a broad range of cryptoasset activities within the FCA regulatory perimeter from 25 October 2027.  

    In June, the FCA published a substantial package of final rules and guidance covering stablecoin issuance, regulated cryptoasset activities, prudential requirements and more.  

    And just last month, the FCA published its final perimeter guidance to help firms understand where authorisation will be required. The application window opened last week (30 September) for firms seeking to use the transitional arrangements.  

    That is a significant step forward. 

    We want businesses to build here. 

    We want them investing here. 

    Hiring here. 

    And launching products here. 

    Being a leading digital assets centre means having standards as well as ambition. 

    The two go hand in hand.  

    Trust is an asset. 

    Clear rules are an asset. 

    And a jurisdiction in which consumers, investors and counterparties know where they stand has a genuine competitive advantage. 

    Our approach to stablecoins brings that philosophy to life. 

    Stablecoins have real potential to support growth and make financial markets more efficient.   

    They can enable faster, lower cost transactions, more efficient settlement and new forms of innovations, including programmable payments. 

    But that potential can only be realised if stablecoins are appropriately regulated and truly stable.  

    That is why we have acted to create a clear regulatory framework for stablecoins in the UK.   

    Through the cryptoassets regulatory regime, we have established a regulated activity for issuing stablecoins, giving firms certainty to invest, innovate and grow.  

    And we are continuing to refine that framework.  

    In September, we laid legislation making targeted amendments to the cryptoassets regulations, following extensive engagement with industry.  

    These changes are designed to provide greater certainty for firms providing stablecoin payment services and to remove barriers to important use cases.  

    As many of you will know, we are consulting on reforms to the payments regulatory framework, including proposals to bring UK-issued stablecoin within the payments services perimeter.  

    The amendments to the cryptoassets regime will ensure firms are not required to secure cryptoasset permissions now, only to seek reauthorisation following the planned payments reforms.  

    Taken together, these are the building blocks for a credible and competitive UK stablecoin market. 

    We also recognise that stablecoins are inherently global.  

    That is why international cooperation matters.  

    Through the Transatlantic Taskforce, we are working with the United States to promote appropriate alignment on stablecoins; helping to provide firms with the confidence and clarity they need to operate across borders.  

    Because if we get this right, stablecoins could be transformative for consumers, businesses and financial markets alike. 

    We are also considering how we use our powers to establish Overseas Recognition Regimes for digital assets. 

    And this brings me back to the bigger picture. 

    It is easy to view each of these initiatives separately. 

    But that misses the point. 

    These are different components of the same strategy. 

    Transactions need digital forms of money with which they can settle.  

    A digital asset needs infrastructure on which it can be issued, traded, settled and held. 

    That infrastructure needs appropriate regulation. 

    Markets need standards and interoperability between platforms 

    Firms want government vision, to enable innovation to follow and capital to flow.  

    And international markets require connectivity across borders.  

    Money. Assets. Infrastructure. Regulation. Industry adoption. International connectivity. 

    That is the package. 

    And it is why I am so optimistic about the UK’s prospects. 

    Because few jurisdictions can combine everything that Britain can. 

    Deep capital markets. 

    Global financial institutions. 

    World-class regulators. 

    A strong legal system. 

    A thriving technology sector. 

    And an international financial centre that has spent centuries adapting itself to the needs of global commerce. 

    Digitalisation doesn’t make those advantages irrelevant. 

    It gives us an opportunity to renew them. 

    But we cannot be complacent. 

    Other jurisdictions are moving quickly. 

    Leadership in the next generation of financial markets will be earned by jurisdictions that can combine innovation, regulation, infrastructure and adoption. 

    That’s why we’re laying the necessary foundations for success.  

    There is a lot still to do, but we are making substantial progress. 

    And I want the markets of that future to be built, connected, financed and scaled here in the United Kingdom. 

    That is the opportunity. 

    That is our ambition. 

    And that is the national endeavour I hope everyone in this room will join us in delivering. 

    Thank you.

  • Andrew Griffith – 2026 Speech to Conservative Party Conference

    Andrew Griffith – 2026 Speech to Conservative Party Conference

    The speech made by Andrew Griffith, the Shadow Chancellor of the Exchequer, at the 2026 Conservative Party conference on 5 October 2026.

    Conference, the Britain we love has a debt problem, a tax problem and a growth problem.

    But above all, it has a Labour problem.

    You cannot have a stronger country without a strong economy.

    And it will take us, Conservatives, to make our economy strong again.

    I joined our party as a teenager under Mrs Thatcher because I was convinced that the right way was Conservative.

    And it is a pleasure to speak to you, seeing so many young people here today, because that is how they feel too.

    I came to Parliament after 26 years in business.

    Like Kemi, I am not a career politician.

    I am here to fix our country.

    My experience of business is not unique in our Party, but it is far too rare in Westminster.

    Growing up, I remember the industrial unrest of the late seventies, the blackouts and doing my homework by candlelight.

    But I also remember what followed.

    A country reborn from a new economic vision.

    Led by a conviction politician who made the hard choices that turned Britain around.

    When it was my turn to find a job, there were plenty around, thanks to the Conservative deregulation of the City known as the Big Bang.

    And after a few years into a career, my wife and I could find a home because, back then, London was actually building homes.

    I can still remember the excitement of turning the key in the door and the smell of fresh paint.

    And it was an era when anything felt possible.

    A new terminal at Heathrow Airport, urban regeneration, driverless trains on the Docklands Light Railway, mobile phone calls on networks built by business.

    After difficult years, Britain was once again on the rise.

    Conference, that feeling is what we need again today.

    Watching Andy Burnham last week in Liverpool, I was quite shocked.

    Daydreaming about the 2030s while fuel prices and the cost of mortgages soar today.

    A Prime Minister who wants to return Britain to an imagined past.

    His socialist fever dream of the 1970s.

    We have always known that Labour’s understanding of maths was dodgy, but now its history is too.

    Conference, it makes our task even more important than ever.

    Not simply to fix the economy, but once again to fight a battle of ideas about the very basis of where prosperity comes from.

    Too many in society today believe that business is bad, wealth is unworthy and that, despite all the evidence to the contrary, life would be better if we only had greater public control, more regulations and higher taxes.

    And that anything might be improved by putting Angela Rayner in charge of it.

    Today’s Left does not even understand the basic truth that you can eat the goose, or you can have a supply of eggs, but you cannot do both.

    For those of us who believe in free markets, in enterprise and in lowering the burden of regulation, that is partly our failure.

    Because for too long we failed to properly make our case.

    Despite Ronald Reagan celebrating Britain as the birthplace of economic freedom, in government we allowed restrictions on everything from the type of car you could buy and how you could heat your home, to banning adverts for certain types of yoghurt.

    Britain today is close to being a command economy.

    Where the state spends 45 pence in every pound and millions of working-age people have their entire lifestyle funded by others.

    Meanwhile, other countries chose the other path, the path of free markets and enterprise.

    And unsurprisingly, they are winning.

    Three decades ago, Britain was the ninth richest country in the world.

    Today, we are barely in the top 30.

    Britain is competing in a global race with leaner, fitter economies while carrying too much weight on our back.

    So, Conference, the stakes could not be higher.

    No one else is coming to save our economy.

    And it means that never again must our Party squander its duty to serve by being divided or losing touch with our principles.

    We will inherit from Labour one of the worst economic situations in history.

    We will have to be the ones to make the hard choices and tackle the debt, to help our country live within its means.

    As a finance director for more than a decade, I long ago made peace with the idea that you can strive to be respected, but you should not expect to be popular.

    So, I am setting out more of those choices today.

    We will build on our plans to reduce the size of the Civil Service by extending them across arm’s-length bodies as well.

    There is no good reason why their headcount has grown by 40% since 2016.

    We will reverse that.

    We will make further reductions in overseas aid, Net Zero subsidies and government advertising.

    And we will crack down on healthcare tourism in the NHS and stop foreign abuse of the student loan system.

    The Left will criticise, but Conference, you know these are common-sense policies that will save the taxpayer money.

    Now, fiscal discipline can stop the bleeding, but the only true path back to financial health is growth.

    Those countries that have growth do not need to talk about it.

    They take it as read that their children, if they work hard, will get a good job.

    That station by station, bypass by bypass, the public realm improves each year.

    That life expectancy goes up.

    And that a better standard of living, perhaps bringing with it the need to work fewer hours, just happens.

    So, who will provide this?

    Well, not a Labour government that has so lowered the world’s confidence in Britain’s ability to pay its debts that we now pay more to borrow than Greece.

    And certainly not the Chancellor, one of Gordon Brown’s longest-serving Treasury ministers.

    Yes, the same Gordon Brown who raided Britain’s pension funds and sold the gold.

    John Healey resigned in protest at Labour’s failure to fund defence but now refuses to find the funding.

    Shameful.

    Defending our nation is the first duty of government.

    He has been Chancellor for nearly three months.

    In my first three days as Shadow Chancellor, I showed how we would find the money.

    And my promise to you, Conference, is this.

    Whenever I am asked by Kemi and our Defence Secretary to do so, I will always find the money to defend Britain.

    We have the plan to make our country prosperous again.

    What does that look like?

    Well, five things.

    Lower, simpler and fairer taxes.

    Cheaper energy.

    Getting people into work.

    Cutting red tape.

    And backing business.

    We have heard from Claire Coutinho and Andrew Bowie about their plans for cheaper energy.

    How we will get Britain drilling again and make it easier to build new nuclear.

    And from Helen Whately and Laura Trott, their plans to get people off welfare and into work.

    So let me pick up the other elements.

    First, lower, simpler and fairer taxes.

    Conference, this will be my personal North Star as your Chancellor.

    I did not come here to raise taxes.

    I came here to lower them.

    No country in history has ever taxed its way to prosperity.

    So, we will cut taxes, but only when we can afford to do so, and always saying clearly how we will fund that within our Golden Economic Rule.

    We have already set out some of our plans.

    Scrapping the Family Farm and Family Business Death Tax.

    Removing the spiteful VAT on independent schools.

    And cutting business rates for a quarter of a million pubs, shops and high street businesses.

    And Conference, on the doorsteps, let us remind everyone of one of our biggest and best policies.

    Scrapping stamp duty entirely on primary homes.

    It is a bad tax, thwarting the ambitions of so many young people hoping to buy a first home, the couple trying to move before the baby arrives, or grandparents trying to downsize to be nearer their grandchildren.

    Like Nigel Lawson, it is my ambition to scrap at least one tax every Budget.

    What would we prioritise?

    There is a lot.

    Tax cuts that help growth.

    Tax cuts that improve incentives to work.

    Tax cuts that make life simpler and fairer.

    I am announcing one today.

    An administrative nightmare for business that puts up the price of every supermarket shop.

    So, Conference, we will scrap Labour’s packaging tax.

    You are all pretty well-informed.

    Because it is a tax that most will have heard of, but I include it to make a much bigger point.

    It is the sort of thing the old Conservative Party went along with.

    They would have said, do not make a fuss, or it is only a couple of billion.

    Well, Conference, no more.

    Now, we are unafraid to tell the truth.

    And when we see Labour inflicting economic self-harm, doing damage to businesses or adding extra costs on families, we will never hesitate to call them out.

    Another Labour tax is their plan for a vindictive raid on family homes.

    They pretend it is a mansion tax, but it will hit people here in Birmingham, in Manchester and those living in ordinary homes making long commutes to our capital city.

    For many, it will be simply unaffordable.

    They may have bought their home decades ago, be retired and on a fixed income.

    £75,000 over ten years.

    Where is a widow supposed to get that sort of money?

    They do not care.

    And right now, Andy Burnham is recruiting an army of snoopers.

    That is right.

    In Labour’s Britain, they do not use satellites and drones to defend our country, but to spy on citizens to see if you have a particularly well-kept garden.

    It is an anti-growth tax that will distort the housing market and remove the incentive to make home improvements.

    So, Conference, today I can announce that we will scrap Labour’s Family Homes Tax.

    Labour wants to make home ownership more expensive.

    We want to make it more affordable.

    There are too many examples in our tax system where taxes penalise values we should instead celebrate.

    We believe it is unfair for anyone to face a situation where more than half of any extra income they earn goes to the government.

    Some face paying 60% on every additional pound they earn.

    Eliminating these rates will take time and the capacity to do so, but that, Conference, is our ambition.

    That is what we mean by lower, simpler and fairer taxes.

    And it is why, yesterday, we announced the end of the childcare cliff edge, which can leave working parents thousands of pounds worse off.

    Conference, while Labour attacks families, we Conservatives will support them.

    It is not just families.

    For many, time spent filling in a tax return or hanging on an HMRC helpline steals time away from their business, their family and the very reason they work so hard.

    Our tax code is a cat’s cradle of complexity, one of the worst in the world.

    So, as well as cutting taxes, tax simplification will be a mission for every Treasury minister.

    And it is why, in my very first speech as Shadow Chancellor, I set out our aim to simplify taxes for small businesses and the self-employed and review Making Tax Digital and IR35.

    Because in this party, in our party, it is the people who take a risk, start a business and create jobs whom we will always champion.

    Conference, to grow, we need to seriously cut red tape.

    Now, even as I say those words, I wince slightly.

    Let us be honest.

    We have all heard politicians promise to cut red tape, only to preside over an ever-growing mountain of it.

    So why will it be different this time?

    For one, we will be more prepared than ever before.

    We will set out our plans line by line, every Bill, every regulation, every chapter.

    We will tackle upstream sources such as the public sector equality duty and the ECHR.

    And our new approach to candidate selection means that if you vote Conservative, you will get a Conservative MP who will follow through when they get to Parliament.

    Our work is already well advanced.

    You heard from Katie how we will get Britain building.

    The biggest reforms to the cost of housing in a generation.

    Saving up to £50,000 on a new home.

    Freeing up our financial services from misguided rules which have starved our businesses of the capital they need to grow.

    No more regulator-imposed diversity targets or mandatory ESG reporting.

    We will repeal the job-destroying, 330-page, union-authored Unemployment Act.

    Harmful Net Zero targets go, and we will repeal the Climate Change Act 2008, which has deindustrialised our country without helping to protect our nature.

    And we will tackle the one true growth industry in the UK today, the lawfare and judicial review that means building anything is just too hard, too slow and too expensive.

    And then, we will back business because their success is Britain’s success.

    And we know that only the private sector creates jobs and prosperity.

    Now, words are cheap, so let me give you a tangible example.

    Countries on the rise have the best infrastructure and connectivity to the world.

    But our national hub airport is being held back.

    What used to be the world’s busiest airport is no longer even Europe’s.

    The Prime Minister says he wants growth in every postcode.

    Well, not the Heathrow postcode, apparently.

    That is not leadership.

    So let me be clear.

    The next Conservative government will do whatever it takes to end the delays and boost capacity by backing the third runway.

    We are all in for growth and we will legislate to sweep away the blockers.

    Cheaper flights, better connections and more exports of high-value British goods.

    Conference, I refuse to accept for a single moment that the country of Brunel and Bazalgette, of the Vaccine Taskforce and the Mulberry Harbours, has to sit around waiting until the 2040s to get a third runway built.

    Let me conclude with what those speeches and banners in Liverpool last week failed to understand.

    Labour thinks hope is something you can hand out like a type of food stamp.

    But hope is something people find for themselves when they believe their lives are getting better, that they have more choices and more freedom.

    A society that cannot offer hope to its young people has little hope for its future.

    As a parent of lockdown-generation children myself, I feel this strongly.

    I sometimes see the uncertainty in the eyes of that generation.

    Their worries about whether things will be okay.

    Too many are already voting with their feet.

    Last year, an average of 350 young people left Britain to live elsewhere every single day.

    The equivalent of a jumbo jet taking with it their hopes, dreams and ambitions.

    Because, like all young people down the generations, they are looking for better jobs and a better life.

    Because they see other societies offering hope while Britain under Labour offers more of the same.

    Many Labour MPs spend their time talking about safe and legal routes for asylum seekers to come here.

    Well, what about safe and legal routes for our own young people to get a job, buy a home and have a good life?

    Does that not count?

    What kind of government is so passive in the face of its young people leaving?

    And what kind of future is it where grandparents must travel across continents just to spend time with their grandchildren?

    Conference, it is our duty to offer those young people a better future.

    For too long, I have heard it said that young people will not vote Conservative.

    Well, in 1979, the most popular party amongst the young was the Conservative Party.

    Because that is what happens when it is our party giving them the path to a job, a home and a stake in a growing economy.

    Now, you have heard a lot about the challenges today.

    I will always be honest about the state of the nation’s finances.

    But what you have not heard, what you will never hear, is me talking Britain down.

    I am an optimist.

    Britain can once again be the best, the most respected and the most prosperous country in the world.

    For those countries that get it right, the next decades will be a golden age of longevity and abundance.

    Those who have written this country off have always been proven wrong.

    So, if you are thinking of leaving, whether you are young or old, do not.

    Many of the things we hold dear are threatened as never before, but none have yet been lost.

    Stay.

    Stay and help us win.

    Be part of Britain’s next comeback.

    The arc of history is not set in stone.

    It can yet be bent to our will.

    The changes we seek will not be easy.

    They will need people, policies and plans, Bills written, budgets prepared and a team ready to go on day one.

    But we can do it.

    Conference, the time is coming.

    When Britain decides it has had enough of mortgaging its future.

    Where hard work triumphs.

    When people will no longer be treated as cash machines for the benefit of others while their own hopes and dreams slip from their grasp.

    Only one party, the Conservative Party, can meet that moment.

    The leader with the backbone to make tough choices.

    And the united team to deliver them.

    Conference, when the story of Britain’s next economic comeback is written, it will be a Conservative story.

    Every generation has its destiny.

    This is ours.

  • John Healey – 2026 Speech to Labour Party Conference

    John Healey – 2026 Speech to Labour Party Conference

    The speech made by John Healey, the Chancellor of the Exchequer, in Liverpool on 28 September 2026.

    Now Conference, I have to be honest. 

    I’m no first-time delegate.

    My first Labour conference was in 1986, 40 years ago, in Blackpool.

    Back then, I had hair.

    Back then, Neil Kinnock was leader – he was calling for sanctions on apartheid South Africa. 

    John Smith was calling for an industrial strategy to deal with the Tory slump. 

    John Prescott was just arguing. 

    But it was a vibrant time, it was a vibrant time, and I still get that very special energy that comes when the Labour movement gets together at conference. 

    So Conference, it is the privilege of my life to stand before you today as Labour’s Chancellor of the Exchequer.

    And to have this man as our Leader.

    Our Prime Minister – and as he likes to remind us – the first ever Co-operative Prime Minister of this country.

    Andy, you have the vision, you have the determination, and you have the plan to get things done.


    To give people hope again. 

    And frankly anyone who can do the Great North Run in under two hours just deserves respect!

    I do have to say though, you’re still wrong about the best pub snack.

    And I know Manchester is a great city, just like Liverpool is a great city. 

    But give me Rotherham any day of the week.

    Conference, before I go any further, I want to pay tribute to our former Chancellor Rachel Reeves.

    She brought to this country financial discipline, she delivered two Labour budgets that mean we’re cutting NHS waiting lists and we’re lifting half a million children out of poverty.

    And after 800 years, she will always be recognised as this country’s first-ever female Chancellor. 

    And to Keir Starmer. 

    He took on this party as our leader. 

    He took us from one of our worst-ever defeats to one of our biggest-ever victories. 

    And then as Prime Minister, he rebuilt Britain’s respect and international reputation, especially standing up to Russia in defence of Ukraine. 

    On behalf of us all, we thank you, Keir.

    And you know, as politicians, we can only be as good as the people who work with us, and work behind us.

    So I can’t tell you how fortunate I count myself to have this talented team of Treasury ministers:

    Emma and Lucy, Torsten, James, Dan and David.

    And a small dedicated team who work with me in the constituency office.

    To you all, I say a huge thank you.

    And finally, there’s someone else I want to thank.

    When I say Labour is my family, I mean it literally. 

    My guide, my inspiration, my blessing, my wife Jackie.

    Jackie is a third-generation Labour activist. 

    You know, her Grandma Jones kept Labour Party meetings running throughout the Second World War in Stoke-on-Trent, even during the bombing raids.

    And Jackie worked in Labour HQ. I worked for the MSF union. 

    We met at a union conference and within two weeks we were engaged. 

    And she’s been by my side ever since. 

    Jackie, thank you. 

    Conference, today, I want to talk about the politics of hope. 

    Our belief in a better day.

    Our conviction that committed citizens can change the world.

    No matter how hard the task, how daunting the odds.

    This is our Labour politics. 

    The hope that is earned. 

    Earned through fiscal discipline, through good work and through strong industries.

    So, I want to tell you how we’ll bring back hope.

    How we’ll get Britain growing. 

    With hope for our young people.

    With good work, good jobs and a new age of industrialisation. 

    Because Conference, I believe in Britain and we believe in Britain. 

    Conference, I’m a proud optimist. 

    I’m also a proud Yorkshireman, representing a former coalfield community. 

    Like many in our area, I have a miner’s lamp on my shelf at home.

    Those miners didn’t just use their lamps to light their own steps, they shone them to help others. 

    A symbol of solidarity. A symbol of hope. 

    That no matter the darkness, there’s always light at the end of the tunnel.

    And you know, the same goes now for Britain’s future.

    Why?

    Because this country has such resilience, such strengths, still such greatness.

    We’re home to nearly half the most innovative companies in Europe. 

    We’re world-leaders in life sciences, in defence tech, in AI.

    Our financial services, led by London, are some of the best in the world. 

    Our theatre, our TV shows, our fashion, our music is treasured the world over.

    And we have the best people. 

    The veterans in the Royal British Legion at Remembrance. 

    The winners of the Daily Mirror’s Pride of Britain awards.

    The lifeboat volunteers of the RNLI risking their own lives to save others in danger on the sea.

    This is the quiet patriotism that makes Britain great. 

    So, despite everything that we face, there are many reasons for optimism.

    New leadership. New confidence. And new hope.

    Conference, much as I believe in Britain, I also believe in Labour. 

    In what we can achieve by the strength of common endeavour. 

    I was part of the Labour government in 1997 that rebuilt Britain after 18 years of Tory failure.

    Leaving the country fairer.

    Giving the next generation a better start in life.

    From the day they’re born in the NHS to the schools they go to, to the first job they get.

    And Labour in power – at our best – has always been about building institutions that we pass on to the next generation. 

    The NHS. NATO. The Open University. The national minimum wage. The Good Friday Agreement. 

    And Conference, in just the last two years, look at what we’ve achieved as a Labour government.

    Railways coming back into public hands.

    New rights for renters. New rights at work. British Steel saved.

    And look at how we acted in Andy’s first week as Prime Minister.

    We acted on the cost of living pressures.

    We cut VAT from electricity bills.

    We capped bus fares at £2.

    We reduced business rates on pubs, clubs, and music venues.

    To give people just a bit of breathing space.

    A bit of breathing space today and hope for tomorrow.

    Conference, if we don’t talk up Labour’s actions, no one else will.

    So here’s my first challenge to you as your Labour Chancellor: be confident in who we are. 

    Be confident in our past. Be confident in our future.

    Let’s tell the story of how Labour can deliver change.

    How we can change lives, and how we can change this country. 

    Let’s tell people what we’ve done, what we’re doing, and what we will go on together to do.

    Labour – creating hope again!

    Now I first worked in the Treasury under Gordon Brown, in the late nineties and noughties. 

    It was New Labour, New Promise then

    And Gordon was and is an inspiration. 

    His determination.

    His drive.

    His block cap emails in the middle of the night. 

    And I joined him in 1999 and one of my first duties was to join him at Labour Party Conference in Bournemouth that year.

    He had been at the IMF, he flew in overnight and arrived just before he was due to give his conference speech.

    So I was in this small room with this big group of Gordon’s top aides.

    I was the new boy, they were big names then.

    Ed Miliband was there, Douglas Alexander was there, Ed Balls was there.

    Suddenly, Gordon was just about to go on and I said:

    Gordon needs a red tie!


    And the only person in the room wearing a red tie was me.

    So in 1999 in Bournemouth, Gordon made his speech as Chancellor with my tie.

    I did get it back, he signed it and I’ve never worn it since. 

    Until today. 

    Now I know the nineties is having a bit of a revival, 

    To Andy’s excitement, Oasis are going back on tour. 

    To Angela’s joy, Gladiators is back on Saturday night TV.

    But I have to level with you, Conference. 

    The money New Labour had in the nineties is simply not there now. 

    Economic growth under Gordon was more than double the Tory years that followed. 

    And Britain has it harder now. 

    We had 14 years of flatlining Tory growth and living standards – when Cameron’s austerity gutted our public services.

    When Johnson’s Brexit hammered our exports.

    And Truss’s mini Budget crashed the economy and collapsed confidence in Britain’s fiscal strength.

    They lost control of Britain’s finances.

    They left a legacy of sky-high debt costs – for families and for government. 

    And yet Kemi Badenoch – her new Shadow Chancellor is the very minister who helped Truss write that mini Budget!

    And even now, he still claims there were “lots of good things” in it!

    So, I say to them:

    Your reckless actions are still causing pain for people today.

    You left crumbling public services. 

    And you left Britain spending more on debt than the Home Office, Defence and Justice put together. 

    And people won’t forget, people won’t forgive.

    The cost of the nation’s debt is not just a number in a Chancellor’s Budget. 

    It’s the money that we can’t spend on the NHS, on schools, on housing, on social care. 

    On policing our streets, on controlling our borders, on defending our country.

    And I tell you these levels of debt are an assault on our common sense, they are an affront to our values. 

    And that’s why the Prime Minister and I are in lockstep that we will meet the fiscal rules. 

    That we will maintain control of Britain’s finances.

    And it’s not just the debt the Tories have left us. 

    Over the decades – as Andy has argued – this country has seen:

    Political power centralised.

    Economic control privatised.

    Britain deindustrialised.

    And the result? 

    Too many people today feel that Britain hasn’t been working for them, for their family, and for their area.

    And we also know how worried people are about the cost of living. The insecurity of work. The cost of business. 

    And they’re worried about the world, and they’re right. 


    Because the worldwide economic shocks, conflicts, trade tensions are felt hard here at home.

    From the prices at the pump to the cost of the monthly mortgage payments.

    But Conference, you know what?

    These times demand of us a greater resolve, a greater determination, and a greater hope.

    To build a more resilient country.

    And remember, Conference, we are Labour. 

    It was Labour that stepped up to clear the slums and build the council houses during the Great Depression.

    It was Labour that stepped up to build NATO and the NHS after the war.

    It was Labour that stepped up to lead the world through the global financial crisis. 

    When times are tough, we step up.

    And now, Conference, we are stepping up again.

    With a Plan for Britain.

    With our international leadership.

    And with our Labour values. 

    That is the Labour I know. 

    That is the Labour I love.

    So let me tell you how we’ll do it. 

    How we’ll bring fresh hope to Britain. 

    Built on the rock of fiscal discipline.

    Built on a growing economy, with good work and jobs in more places.

    Built on a new age of industrialisation. 

    On day one as Chancellor, I said my first duty is fiscal discipline. 

    And I’ll tell you why.

    It underwrites every promise this Government makes. 

    On growth, on jobs, on national security, and on public services. 

    We can’t succeed without it. 

    That’s why the Prime Minister and I are united in meeting the fiscal rules.

    Balancing the books, with a buffer against uncertainty.

    Controlling borrowing to bring down inflation.

    And reducing long term pressures on our finances.

    Conference, that commitment is so important. 

    There’s nothing progressive about losing control.

    Because it’s working people who pay for it. 

    And Conference, just look at who offers the opposite.

    It’s not just the Shadow Chancellor. 

    But Reform UK.  

    Dodgy donors, fantasy funding behind every plan. 

    And Nigel Farage, he wants you to think he’s a man of the people.

    But when it comes to the economy, he’s Liz Truss with a Bitcoin account.

    That’s not my politics. That’s not our politics. 

    And so, through the core of the Budget I deliver a month today will be fiscal discipline.

    To give families and businesses a bit of breathing space.

    To drive good growth and jobs in more places. 

    And to write a new chapter of hope for Britain’s future. 

    Conference, that miners lamp on my shelf at home in Rotherham came from Cortonwood Colliery – the pit where the miners’ strike started.

    Where Thatcher’s crusade against coalfield communities started.

    And our last pit – in Silverwood – was closed by the Tories in 1994. 

    The jobs went away.

    Hope and opportunity went too. 

    One in three men were unemployed.

    So when I was first elected, I had as my first top three priorities jobs, jobs,  and jobs.

    And now, as then, I still have that burning determination.

    Good work. Good jobs. Britain working again.

    This Party, our party, was founded by workers, for working people.

    The rhythms of work, the value of work, the pride that good work brings.

    That’s been Labour’s watchword for more than 100 years. 

    In the 30s, it drove the Jarrow Crusade to London. 

    In the 40s, it drove the Attlee Government to build full employment.

    And in the 90s, it drove Gordon and Tony to launch the New Deal for Young People.

    Getting them off benefits and into work for the first time.

    Their futures transformed. And making their contribution to the future of the country.

    Now, Conference, we all remember our first job. Mine was in a pub called the Milburn Arms in North Yorkshire. I washed pots and glasses.

    I worked for John and Betty Young. 

    They worked me hard, but fair. 

    And that job taught me the basics – about turning up on time, about getting on with others, about respecting those with more experience.

    It also taught me the glory of a hand-pulled pint.

    But every person, every young person should know the pride of getting their first job, and taking home their first pay check. 

    And while I learnt about work in the Milburn Arms, it’s Alan Milburn’s work now, for government, that lays bare the scale of the challenge young people face once again today.

    After Covid, and before the election, the Tories let the number of young people in this country not in employment, in education, or training rise to nearly one million.

    Two thirds have never worked.

    Potential wasted. Ambition frustrated. Opportunity closed. 

    Signed off, written off.

    And I know it’s tough for young people today. 

    Some find it hard to face the world. 

    And I hear the fear in their mum’s and dad’s voices when they talk about their kids’ futures, when they talk about the dark forces on the internet.

    And our social security system must always be there for those who can never work.

    But for everyone else, benefits should be a bridge to work, to wider participation, to a better life, not a trap that people can’t escape. 

    And Conference, it is simply not progressive to allow a bigger and bigger benefits bill and a system which offers an income but doesn’t offer a future. 

    So once again, as a Labour Government it falls to us to act. 

    And this is more than an economic must.

    This is a moral duty. 

    And Conference, I refuse to write off a million young people like the Tories have done. 

    When some people see a million youngsters with no work and no training, they see despair. 

    I see hope. 

    I see the future workforce of a reindustrialised Britain. Future business founders. Future union stewards. Future homeowners.

    I see a generation born this century, digital natives, whip smart, questioning, ambitious, brave. 

    I see the best asset we have in Britain: in our young people. 

    And I believe this generation has the potential to be a great generation.

    I believe we can help this generation move from Generation Jeopardy to Generation Hope. 

    Let me tell you about an apprentice pipe fitter called Ste. 

    I met him on Saturday when I went with Andy Burnham and Mayor Steve Rotheram on the first newly built ferry across the Mersey in 60 years.

    Ste helped build it, built here on the Mersey at Birkenhead. 

    And I asked him what advice he would give to a younger brother or sister about apprenticeships. 

    And he said: “Just go for it.”

    “Just go for it” he said, “because you’re earning and learning at the same time. And you can take these skills anywhere in the world.”

    Well Conference I’m happy to say that Ste is here today with some of those other apprentices, 150 at the Cammell Laird yard, that helped build that ferry.

    Lads, it’s great to see you today. Thanks for joining us, and thanks for what you’re doing for this great city.

    So today I want to announce a downpayment on Alan Milburn’s work.

    A Local Apprenticeships Service, expanded to more places, led by Mayors, targeted at these young people.

    Delivering thousands more apprenticeships for those young people.

    With local teams, a bit like football scouts for apprenticeships.

    Local teams who will go to local firms that’ve never taken on a trainee, and say: we’ll help you do it.

    That will go to the youngsters who’ve been out of work and say: we’ve got a place for you.

    Led by mayors, because it’s the mayor that knows their areas best. 

    They know which firms are hiring, they know which colleges are delivering, and they know which estates have been left behind.

    That’s what devolution means.

    And we had planned to start in a few areas. Now every mayor will have the chance to do it.

    Backed by an extra £100 million, fully funded by savings from the DWP.

    Because Conference the best thing we can offer a young person isn’t a benefit payment.

    It’s a first job. With training. And a wage.

    Our determination to help matched by their determination to hope.

    Conference, my politics have been shaped by the industrial heartlands of South Yorkshire. 

    The most brutal day of that bitter Miners’ strike was at Orgreave.

    Today, on the site of the Orgreave pit, is Rotherham’s Advanced Manufacturing Park. 

    One of the most concentrated areas of innovation anywhere in Britain.

    It’s where South Yorkshire’s young people are working with high-tech systems, making things that their grandparents could never have dreamed of.

    And one of those young people is Sean.

    Sean’s dad was a local miner – but there were no pit jobs for Sean.

    So he joined the Advanced Manufacturing Research Centre, he joined as an apprentice.

    So while his Dad mined the coal that kept Britain’s lights on, above the same coal seam Sean is now working on high tech research for the future of nuclear power. 

    Our coal mines are not coming back. But this is how Britain’s industrial past is being remade now for the modern world. 

    It’s how people are starting to tell each other stories of the future, and not the past.

    And this, Conference, is a story we can tell across the country. 

    In Scotland, where Dundee’s old tyre factory closed, a new innovation park stands in its place. 

    On Deeside in Wales, where generations of Shotton steelworkers were laid off, Airbus is now recruiting hundreds of workers to build the wings that fly the world.

    And in Derby, where they made the Spitfire engines, Rolls-Royce now build nuclear reactors and put the UK at the front of clean energy globally.

    And today, I can announce that Rolls-Royce will invest an extra £300 million more into its British factories.

    In Derby, in Bristol, in Glasgow, and in Rotherham.

    Conference, this is the new age of industrialisation. This is the new confidence in Britain.

    Lit by this government. Driven forward by business.

    So don’t tell me, don’t tell me it’s not possible to create a new age of British industry.

    Don’t tell me it’s not possible to have good growth in every postcode.

    And don’t tell me that people can’t hope again.

    Conference, we will use everything we can to create good jobs and industrialise Britain. 

    We’ll use the National Wealth Fund – creating and supporting a further 130,000 jobs across the UK by 2030. 

    Pulling in the private investment to create jobs in AI, in tech, in defence, and in clean energy. 

    And we’ll use the power of public procurement to direct more of British taxpayers’ money to British business, British jobs, and British innovation. 

    We’ll work in partnership with business and unions. 

    We’ll work with patriotism.

    Proud to back British firms, promote British exports and get British people working people in the jobs we create. 

    I know how national industrial strength is national security. 

    It means no dictator, no adversary can ever push us around.

    And so I want to confirm today that this British government will commit to £6 billion of contracts for our British shipyards.

    They’ll build the new docks for the new submarines that will defend us all for decades to come. 

    Built in Britain, by British workers because of decisions taken of this Labour Government.

    And Conference, credit where credit is due – to the GMB for helping us get this over the line.

    Because I’m proud to say that the British trade unions are full partners in this new age of industrialisation. 

    Proud it was a Labour government that put unions as full members on our Industrial Council.

    And yes, unions on the board of the Bank of England. 

    Because Britain’s economic success is built on the success of working people. 

    So to every union delegate in this hall, especially to those of you who serve as union reps and stewards.

    Today, I’m also announcing the rebirth of the Union Learning Fund.

    Set up by Labour. Abolished by the Tories. Now re-established by this Labour Government. 

    I talked before about the quiet patriotism that makes this country great. 

    These volunteers who step forwards to help their colleagues in the workplace, they do so as volunteers, sometimes at a cost to themselves, but always with the strength of the trade union behind them. 

    They too are the very best of us all.

    So I’m proud to bring back this Union Learning Fund.

    I’m proud of the fact that last time, 180,000 workers every year got new training opportunities through that fund. 

    And we’ll do that again.

    Better skills, better prospects, for British workers because of decisions taken by this Labour Government.

    And Conference, I want this new Learning Fund to come with a new focus. 

    To help British workers harness Artificial Intelligence, not be outrun by it. 

    AI is the greatest innovation of our time.

    It’s a general-purpose technology that will simply transform our society at every level.

    Every business, every community, every hospital, every school, everywhere can benefit from adopting it.

    It’s at the centre of a groundswell of new, world-leading British tech companies.

    And it’s the driving force with which this new age of industrialisation can be built. 

    Yes we need to face the serious risks to national security, to personal data, and our children’s wellbeing. 

    And it will change our labour market in fundamental ways.

    But I give you this commitment: 

    We won’t let AI leave Britain’s workers behind.

    And we will make sure that Britain wins in this AI revolution.

    Conference, as we draw inspiration from our values, we also draw strength from our past.

    And it was 70 years ago, at a Labour conference, Tony Crosland published his book on the future of our Party.

    He wrote it then believing that economic growth will take care of itself and that Labour’s job was simply to share out the proceeds.

    20 years later, he realised he’d been wrong. 

    That growth doesn’t just happen. We have to work for it. We have to create the conditions for it.

    And without growth, there is no social democracy.

    You can’t fund the ends without the means.

    That’s the lesson for our generation.

    Labour isn’t here just to cut the cake in a different way. We have to bake a bigger cake, and make sure that it’s fairly shared.

    So whether it’s the cost of business or the cost of living, the only long-term answer is growth.

    Good growth in every postcode.

    A dual mission from the Treasury and No10 North. 

    London, the powerhouse of Britain’s economy for so long – should not shoulder the economic burden alone. 

    We need growth generated in more places. 

    We need wealth created in more places. 

    And I want our government decisions and our policies to bring new levels of confidence, investment and yes, profits in British business.

    Because it’s businesses that will create this country’s jobs, and wealth, and growth.

    And I say, growth isn’t just a graph or a spreadsheet.

    It’s a family at the kitchen table saying: yes, it looks like we can afford that holiday this summer.

    It’s the sole trader saying: yes, for the first time I think I can take on that apprentice.

    And it’s the community looking at its high street or its town centre and saying: there are new shops, there are new businesses, the pubs haven’t closed. We’re turning a corner.

    And this is what I dedicate myself to as Britain’s Chancellor. 

    The growth that drives progress: better wages, better lives.

    That is the Labour way. 

    So Conference, let’s bring back hope to Britain.

    For the next generation of young people.

    For a new age of industrialisation.

    For growth made here, by British firms and British workers.

    So, when you leave this hall, when you leave this conference, remember that miner’s lamp.

    Those Cortonwood workers didn’t carry it for themselves.

    They carried it for those beside them. They carried it for their community. 

    They carried it for the ones who came after.

    That is our job now.

    To light the way for a generation that’s been told there is no way through.

    Good work. Fresh hope. A new age of industry. 

    And the solidarity that has always carried this country forward.

    A country that can hope again. 

    A country that will hope again. 

    Earned by Labour. Delivered for Britain. 

    Thank you.

  • Lucy Rigby – 2026 Speech at UK Finance

    Lucy Rigby – 2026 Speech at UK Finance

    The speech made by Lucy Rigby, the Economic Secretary to the Treasury, in London on 8 September 2026.

    Thank you Bob and to UK Finance for bringing us together today. And thank you for inviting me.

    As you know, I have spent a couple of months away from being City Minister. I think you’d be hard pressed to describe doing the Chief Secretary role as a holiday – I’ve certainly had more relaxing breaks – but it is fantastic to be back and supporting the success of the financial services sector and its contribution to growth and prosperity in every corner of the country.

    I am pleased that while I have been away, the digitalisation and tokenisation agenda has continued to accelerate. And as many of you know, building on this momentum is one of the things I am most excited to do back in this role.

    Because we are used to waves of technological development improving our lives; putting new products on to shelves, including digital shelves, and ensuring we benefit from new services.

    But there are also moments in the history of economic development where technology transforms the very infrastructure on which an economy operates. In the 1980s and 1990s we saw the shift from paper to electronic trading radically transform our financial markets. I believe we have reached a similar moment a generation later with the move from electronic to digital.

    So it is a pleasure to be here as UK Finance launches this report. This report, reinforcing the Digital Wholesale Champion’s report published in July, demonstrates a powerful message for the sector, which is that digitalisation is no longer a conversation taking place at the margins. It is moving firmly into the mainstream.

    And that matters because the opportunities before us are significant. For the City, the whole financial services sector, and importantly, for the entire UK economy.

    Today, I want to deliver a clear message. That the digitalisation of wholesale financial markets is now a national endeavour. An endeavour that requires industry, government, and regulators to work together.

    To maintain and enhance our global competitiveness; in what is an increasingly competitive landscape.

    The government can create the conditions and advocate for the UK. The regulators can provide clarity. But it is industry; market participants; you; that innovate, compete, forge new pathways and drive us forwards.

    That is why the work of organisations such as UK Finance is so important, and why I wholeheartedly welcome today’s report.

    One thing has become increasingly clear as I speak to firms across the sector. The debate isn’t whether wholesale markets will become tokenised; it’s when.

    And, importantly, if the UK can move quickly enough to be a leader in that global transition. And I say we can.

    And 2026 has already been such an important year for delivery. Significantly, we have seen the publication of the first report from the UK’s Wholesale Digital Markets Champion, Chris Woolard. That report sets out an industry-led roadmap for accelerating the digitalisation of UK wholesale financial markets, identifies priority use cases, and focuses attention on the practical issues that must be solved if digital markets are to scale.

    It also establishes nine industry action groups, and I am looking forward to the composition of these groups being announced very soon. It has also been great to see the number and variety of firms participating, from new entrants to large incumbents, as well as the senior individuals who are giving their valuable time to contribute.

    I am looking forward to seeing the outputs of the next phase.

    The key to the success of this work is not the technology itself. The technology already exists and we have individuals and organisations with the skills to deploy it effectively. The roots of the challenge are in coordination in order to build…

    How do firms move together?

    How do platforms interact with one another?

    How do we ensure interoperability?

    How do we build liquidity?

    How do we create common standards and ensure the UK is leading the global discussion?

    And how do we generate sufficient confidence for markets to move from pilots to scale?

    The answers to these questions are why this work matters so much

    And the additional question for government and regulators is then: how do we ensure that regulation effectively and appropriately accommodates digitalisation?

    Regulation is often criticised for being slow to adapt to new technological challenges and a rapidly changing environment. Well, we’re trying to address this.

    As you know, we have the Digital Securities Sandbox, and as UK Finance’s report highlights, it offers a nimble way of modifying UK legislation to enable firms to roll out innovative digital solutions to market.

    16 firms are currently participating, with the first firm recently approved to do live activity, and I am sure we will see more live activity soon.

    And we know there is more to do to ensure that the UK legal framework supports digital beyond the sandbox, building on work the government has done already to clarify the law.

    We will be engaging actively with the sector to map out the changes needed, and the plan for delivering them, including using the legislative tools we already have to make changes.

    All this builds on other work we are doing as government to support digital. This year, we have also seen continued progress on the Digital Gilt Instrument, DIGIT, which will be critical to establishing the foundations for a broader digital market ecosystem. DIGIT will be issued in Q1 2027, and we have announced our intention to prepare for potential further issuances, subject to the success of the first transaction.

    There is also work well underway to modernise the UK’s payments ecosystem, including through infrastructure upgrades and regulatory reforms that support stablecoins, tokenised deposits and the next generation of digital settlement.

    In particular, I wanted to recognise the efforts of UK banks in progressing the Great British Tokenised Deposit initiative, working with UK Finance to bring tokenised sterling deposits into the UK market.

    The work to tokenise bank deposits complements the work that the government and the regulators are undertaking to deliver a regulatory regime for stablecoins, all in order to provide payment settlement solutions for a truly digital market.

    Across all these areas, we are entering a critical delivery phase over this Autumn.

    Let’s continue to work together and whether it is the leadership shown by UK Finance.

    Whether it is the drive and the work of Chris Woolard and the Wholesale Digital Markets Champion Taskforce.

    Whether it is the Digital Securities Sandbox.

    Whether it is DIGIT.

    Each represents a different part of the same story. A story of a sector and a city choosing to innovate; whose sense of pride and ambition compel us to want to lead.

    A story of a country choosing to modernise.

    With a sense of national purpose to ensure that the markets of the future are built here in the United Kingdom.

    Thank you.

  • John Healey – 2026 Announcement of October 2026 Budget

    John Healey – 2026 Announcement of October 2026 Budget

    The statement made by John Healey, the Chancellor of the Exchequer, on 31 July 2026.

    This government is working fast to restore hope and back Britain’s communities.

    In the past two weeks, we have begun to kickstart growth in every postcode.

    We have backed British jobs, British skills and British businesses. 

    And we have provided just a bit of breathing-space for those families and businesses that feel so squeezed, that feel without hope.  

    Today, I’m confirming the date of my first Budget as Chancellor will be Wednesday 28th October.

    This will be a Budget that moves money and power out of Westminster, and into every postcode around Britain.

    It will be built on fiscal discipline.  

    It will meet our fiscal rules. It’ll give businesses and families some of the stability they need to plan for the future.

    Now, let’s get on with the job.

  • NEWS STORY : John Healey appointed Chancellor in Burnham’s first major Cabinet move

    NEWS STORY : John Healey appointed Chancellor in Burnham’s first major Cabinet move

    STORY

    John Healey has been appointed Chancellor by new Prime Minister Andy Burnham, in the first major appointment of the new Government following Sir Keir Starmer’s resignation. The appointment came as Burnham began reshaping the Cabinet on his first day in Downing Street, with several senior figures from the Starmer administration leaving Government as the new Prime Minister sought to establish his own political direction.

    Healey, who previously served as Defence Secretary and has held Treasury, housing and local Government roles during his long parliamentary career, will now take charge of the Government’s economic policy at a time of pressure over public spending, growth and living costs. His appointment was seen as a surprise by some in Westminster, with Shabana Mahmood and Ed Miliband among those previously discussed for the Treasury, but Burnham is expected to argue that Healey brings Cabinet experience and a grounding in domestic policy to one of the most sensitive posts in Government.

  • Rachel Reeves – 2026 Resignation Statement

    Rachel Reeves – 2026 Resignation Statement

    The statement made by Rachel Reeves, the Chancellor of the Exchequer, on 20 July 2026.

    It has been the privilege of my life to serve as the Chancellor of the Exchequer. The economy today is stronger, fairer and more resilient because of the choices we have taken as a Labour Government over the past two years.

    Stability restored, investment delivered and reform to our economy under way. I said when I was appointed Chancellor that I would judge my time in office if the lives ordinary working class people have been improved.

    I’m proud to say that they have. And to every young woman and girl let my time in office show there should be no ceilings on your ambitions, your hopes or your dreams. I wish the very best of luck to my successor, Andy and his cabinet.

    You have my full support, and I will continue to play my part in helping this Labour government deliver the change the country needs.

  • John Redwood – 2026 Comments on Andy Burnham’s Financial Options

    John Redwood – 2026 Comments on Andy Burnham’s Financial Options

    The comments made by John Redwood on 20 July 2026.

    Mr Burnham today should set out which companies he will nationalise. Will he make taxpayers pay compensation to owners or will he confiscate the assets? Does he realise people’s savings and pension funds are at risk if he steals them and foreign investors could stop investing?