Chancellor John Healey is set to deliver his first major economic address today, Monday 7 September 2026, telling an audience in the West Midlands that the UK economy is “turning a corner”.
The speech marks a significant moment for the Chancellor. He is expected to argue that fiscal discipline and economic growth are “indivisible,” attempting to set an optimistic tone despite significant pressure on the public finances.
The address comes ahead of the first Budget of the current administration, which is officially scheduled for Wednesday 28 October 2026. The Treasury is navigating a complex financial landscape, with government borrowing costs reaching an 18-year high earlier this month, driven by rising global bond yields and the economic fallout of the conflict between the US and Iran.
Regional investment and the ‘Growth’ mantra
As part of a drive to move “power and money out of Westminster,” the government has announced a new £150 million scale-up fund. Managed by the British Business Bank, the fund is specifically designed to support university spin-outs and innovative firms across Northern England.
The Chancellor is also expected to highlight new strategic partnerships formed by the National Wealth Fund. These agreements have been reached with mayoral authorities in South Yorkshire, Liverpool, the North East, and Cardiff to facilitate regional infrastructure and development projects.
The Treasury has warned that the October statement will involve “tough” decisions to maintain fiscal stability.
Budget deadlines and public input
The government is currently in the final stages of preparation for the October Budget. Businesses, representative bodies, and members of the public have a limited window remaining to submit formal representations to the Treasury.
Contributions can be made via the official Treasury portal. These representations are typically used by the government to gauge the priorities of various sectors before the Chancellor finalises the Budget tax and spending plans.
While the Chancellor’s speech today focuses on “turning a corner,” economists are watching closely for signals on how the government will handle high inflation and the sustained costs of borrowing, which continue to limit the scope for immediate tax relief or significant public spending increases.