Healey's first Budget speech points to £15 billion of headroom

John Healey delivered his first Budget speech as Chancellor of the Exchequer, Britain's chief finance minister, on 28 October 2026. He said the UK would have £15 billion of fiscal headroom, meaning spare room in the public finances, at the end of the forecast period, the window over which the government sets out its economic projections. Reuters

The speech was interrupted minutes after it began, amid disorder in the Commons chamber, the Daily Express reported.

Mr Healey's Budget came after a series of speeches in which he set out his view of the economy and referred to his predecessor, Rachel Reeves. On 7 September 2026, he gave his Growth Speech, in which he referred to work begun by Ms Reeves to recover Britain's fiscal discipline, the government's control over borrowing and spending. gov.uk

The following day, in a Commons debate on economic growth, Mr Healey opened by saying: "May I start by paying tribute to my predecessor". The Hansard record states that he paid tribute to Ms Reeves for rebuilding Britain's fiscal credibility, public services and levels of growth.

Mr Healey became Chancellor in September, and the Treasury has since published several announcements under his name, including a press release on 7 September titled "Chancellor takes axe to delays holding back growth".