# John Healey vows to be a chancellor ‘who backs business’ ahead of Budget

- URL: https://talkfuse.com/story/john-healey-vows-to-be-a-chancellor-who-backs-business-ahead-of-budget/
- Published: 2026-10-22T07:42:16+00:00
- Updated: 2026-10-22T08:09:02+00:00
- Original publisher: The Independent (publisher lean: Left)
- Original article: https://www.independent.co.uk/news/uk/politics/john-healey-budget-business-b3071198.html
- Topics: Politics

## Key points

- Healey says his Budget will seek to reduce business costs.
- Borrowing and weaker growth constrain the public finances.
- Business leaders warn against higher taxes on financial services.

## Summary

John Healey has pledged to make his first Budget supportive of businesses, saying he will consider ways to reduce the cost of doing business. The comments are part of Labour’s effort to repair its relationship with firms and come as businesses face pressure from the cost-of-living crisis.

Government borrowing reached £24.5 billion last month, more than expected, while higher borrowing costs and weaker growth have narrowed the public finances’ headroom. Business group chief executive Rain Newton-Smith urged the Chancellor to give firms room to invest and warned that raising the bank profits surcharge from 3% to 8% could damage competitiveness. She said financial services support more than 650,000 jobs outside London and contribute over £200 billion to the economy each year.

## Coverage

- [The Independent: John Healey vows to be a chancellor ‘who backs business’ ahead of Budget](https://www.independent.co.uk/news/uk/politics/john-healey-budget-business-b3071198.html)
- [Daily Mail: Chancellor scrambles to ease business nerves over Budget saying he wants to cut 'costs' and reward 'profit'... as firms warn Labour's first two years have been 'horrific'](https://www.dailymail.com/news/article-16228985/Chancellor-business-Budget-costs-reward-profit-firms-Labour.html?ns_mchannel=rss&ns_campaign=1490&ito=1490)

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.