Chancellor John Healey to make first major speech

John Healey, the Chancellor, is set to make his big speech later on revitalising growth in the economy.

Susannah Streeter, chief investment strategist at Wealth Club, said: “Crushing energy bills, fractious geopolitics, tense trade relations and the high cost of borrowing mean that Healey is walking a precarious tightrope. He’ll want to convince bond investors that he’s going to be prudent with the finances, and not lead to another bond market strop out, but at the same time is expected to show the government is serious about funding investment.

“He’s set to unveil a £150 million fund for companies with high growth potential in the North of England. He’s also expected to make a pitch about how sparking regional growth will be a key driver of the government’s economic strategy, using state money to crowd in private capital, while handing city regions more power to decide where investment should go. It comes at a time when a regional growth spurt is clearly needed.  Although British tech appears to have had a renaissance this year in terms of raising capital, it’s highly skewed to the London region. The British Business Bank has already invested more in the last nine months than in the previous four years. Total investment is expected to scale to over £400m this year. It’s helped open the door, to a surge of UK venture capital investment, which reached £14.4 billion in the first half of 2026, with AI companies attracting the bulk of that, but the vast majority of them are based in the capital.

“So, while the British tech scene remains highly promising and a source for future jobs, the regions are still set to struggle.

“It’s also raising fresh questions about how a new social contract is needed to give younger workers a leg up and reduce the generous uprating terms of the state pension. The argument to scrap the triple lock is again hitting the headlines with the British Chambers of Commerce arguing for it to be abandoned to save billions of pounds.

“The universal triple lock does give an especially strong protection to one age group at a time when younger generations face high rents, struggle to buy homes and have a heavier tax burden to support an ageing population.

“But all this speculation is potentially harmful as people need certainty to plan for retirement. Whether you’re 30, 40 or 50, you need to have some idea of what the State Pension will provide so you can work out how much you need to save privately. If the triple lock is clearly becoming unaffordable and needs reform, there is a strong argument for making those changes sooner rather than later, rather than leaving people in limbo. Constant speculation muddies the playing field and makes it harder for people to know how much they will actually need to put aside for their later years.”