Chancellor John Healey delivered his first major speech today, echoing familiar Labour themes. The speech addressed the impact of austerity, the benefits of state involvement, and what was described as the 'villainy of Liz Truss'.
Healey's address included the claim that a 'Truss penalty' continues to affect the cost of UK government borrowing. This argument suggests the 2022 mini-budget was a key factor in the spike in gilt yields four years ago.
The Chancellor also spoke about the advantages of increased 'public control'. This concept is understood to mean state ownership and direction, with ministers potentially running companies.
Additionally, Healey criticised the spending restraint of the early 2010s, referring to it as 'austerity'. The speech also touched on Brexit, describing it as a minor issue compared to subsequent shocks.