![\"\"](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2026\/09\/John-Healey-2026-09-28-at-12.05.17.png\")
John Healey adopted an optimistic \u2018can-do\u2019 tone as he used his first speech to Labour conference as Chancellor to promise a positive future for young people and new investment in industrialising Britain. <\/p>\n
He said the British should be \u201cconfident in who we are\u201d, able to compete on the world stage, in life sciences, in defence, tech, financial services and in AI, but it had to be realistic as well as optimistic.<\/p>\n
Although there was a 90s revival going on, \u201cthe money Labour had in the 90s is simply not there now\u201d, he said. <\/p>\n
Mr Healey conceded the public finances were tight but was clearly determined not to repeat the downbeat messages delivered by Sir Keir Starmer and Rachel Reeves after the party\u2019s general election victory two years ago.<\/p>\n
He confirmed \u00a36 billion on new shipbuilding and said Rolls-Royce would spend \u00a3300m in its plants in Glasgow, Derby, Bristol and Rotherham.<\/p>\n
\u201cI want to tell you how we\u2019ll bring back hope,\u201d he told delegates. \u201cHow we\u2019ll get Britain growing.\u00a0 With hope for our young people. With good work, good jobs and a new age of industrialisation.\u00a0 Because, Conference, I believe in Britain and we believe in Britain.\u201d<\/p>\n
Addressing the growing number of young people classed as NEETS \u2013 those not in employment, education or training \u2013 he said: \u201cI refuse to write off a million young people like the Tories have done.\u00a0<\/p>\n
\u201cWhen some people see a million youngsters with no work and no training, they see despair.\u00a0 I see hope.\u00a0<\/p>\n
\u201cI see the future workforce of a reindustrialised Britain. Future business founders. Future union stewards. Future homeowners.<\/p>\n
\u201cI see a generation born this century, digital natives, whip smart, questioning, ambitious, brave.\u00a0<\/p>\n
\u201cI see the best asset we have in Britain: in our young people.\u00a0 And I believe this generation has the potential to be a great generation.<\/p>\n \u201cI believe we can help this generation move from Generation Jeopardy to Generation Hope.\u201d<\/p>\n He said a \u00a0Local Apprenticeships Service would be set up to encourage firms to take on apprentices, funded by \u00a3100m of savings in the Department for Work and Pensions.<\/p>\n Criticising what he called the \u201creckless\u201d actions of previous Conservative governments that \u201care still causing pain for people today\u201d, he committed Labour to fiscal discipline.<\/p>\n He said the \u201clevels of debt are an assault on our common sense, they are an affront to our values.\u00a0And that\u2019s why the Prime Minister and I are in lockstep that we will meet the fiscal rules.\u00a0 That we will maintain control of Britain\u2019s finances.\u201d<\/p>\n Rain Newton-Smith, CBI chief executive, said:\u00a0\u201cThe Chancellor\u2019s speech set out a strong vision for how a politics of hope can translate into stronger business confidence and, ultimately, higher living standards.\u00a0<\/p>\n \u201cHis commitment to fiscal discipline and recognition that it is a precondition for sustainable growth should provide reassurance to markets that the government is prepared to take difficult decisions to secure stable public finances.\u00a0<\/p>\n \u201cJust as important was the recognition that business needs breathing space. Firms cannot invest, hire and grow if rising costs continue to absorb the headroom they need to do so.<\/p>\n \u201cThe speech sent many of the right signals. The Budget now needs to turn them into action if we are to fundamentally change firms\u2019 willingness to invest, take a chance on a young person, and scale a business here in the UK.\u201d<\/p>\n Dr Valentin Boboc, senior economist at the Institute of Economic Affairs, said: \u201cBacking British industry and getting more people into work are worthwhile ambitions. But government contracts, subsidies and union-led training schemes are no substitute for creating the conditions in which businesses can invest,\u00a0innovate\u00a0and employ.<\/p>\n \u201cThe Chancellor should use next month\u2019s Budget to cut taxes, bring down energy costs and remove the barriers holding back investment and growth.\u201d\u00a0<\/p>\n Energy Secretary makes no mention of Rosebank or Jackdaw<\/strong><\/p>\n Energy Secretary Miatta Fahnbulleh \u00a0told conference that Labour was tackling the energy transition and investing in nuclear capacity, but made no mention of the Rosebank (oil) and Jackdaw (gas) fields in the North Sea that are awaiting go ahead.<\/p>\n Ms Fahnbulleh praised the success of publicly-owned Great British Energy that was installing solar panels in schools and hospitals that were helping to cut bills.<\/p>\n \u201cWe are also building our nuclear industry, with public ownership at its heart through Great British Energy Nuclear, rolling out a new generation of small modular reactors,\u201d she said.<\/p>\n \u201cAnd we\u2019ve hit a new record for nuclear jobs, with nearly 100,000 people working across the sector. Just imagine, just imagine where Britain could be today if we had moved faster. If we had invested earlier. If we had taken more control.\u201d\u00a0<\/p>\n Reynolds to help self-employed<\/strong><\/p>\n Jonathan Reynolds, the business secretary, has pledged to close \u201cbogus self-employment loopholes\u201d that he said deny workers basic rights.<\/p>\n He told conference that the change would give up to 100,000 more workers access to the national living wage and holiday pay.<\/p>\n Mr Reynolds said it was an issue \u201cwhich both workers and businesses raise with me repeatedly\u201d. He said loopholes in employment law were :\u201dbeing used to define workers as self-employed when they are clearly not, denying basic employment rights, undercutting businesses who are doing the right thing and leaving people with the sense that playing by the rules doesn\u2019t pay.<\/p>\n \u201cEveryone can see this isn\u2019t right. It is a fundamental question of fairness. This Labour government will put an end to it. We will close the loophole. We will level the playing field for business.\u201d<\/p>\n Daily Business Bulletin<\/strong>:\u00a0Subscribe here for our free morning bulletin of breaking news<\/em><\/strong><\/p>\n \t <\/div>\n![\"\"](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2026\/09\/John-Healey-2026-09-28-at-12.33.19.png\")