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- October 12, 202619°
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- October 12, 202619°
UK Treasury chief Healey announces Rolls-Royce's £300 million investment
UK Treasury chief John Healey announced in his first speech at the Labour Party conference that Rolls-Royce would make an additional £300 million investment in its factories across the country. Healey said the government would support industrialisation and employment, adding that fiscal discipline would be central to the budget he will present next month.
UK Treasury chief John Healey pledged a "new age of industrialisation" for the country in his first speech at the Labour Party conference. Healey described himself as a "proud optimist" who believes in the United Kingdom.
Healey announced that Rolls-Royce would invest a further £300 million in its factories in Derby, Bristol, Glasgow and Rotherham. He described the investment as evidence of the new climate of confidence created by the government and the industrialisation being advanced by companies.
Healey said the government would use every means at its disposal to create jobs and industrialise the country, adding that a greater share of public resources would be directed towards companies, jobs and innovation in the United Kingdom.
Emphasis on jobs and training for young people
Addressing young people who are not in education, employment or vocational training, Healey said it was the government's moral responsibility to ensure that no young person was written off.
Healey said the best opportunity that could be offered to young people was not a welfare payment, but a first job that included training and a wage.
Economic conditions and fiscal discipline
Devoting a significant part of his speech to the Labour Party's performance in government, Healey said the financial resources available to New Labour in the 1990s were not available today.
Healey noted that economic shocks and trade tensions around the world were being felt in the United Kingdom, from fuel prices to monthly mortgage payments. He said this period required stronger resolve and hope to build a more resilient country.
Healey said his first task on his first day as Treasury chief had been fiscal discipline. He said fiscal discipline formed the foundation of all the government's commitments and that success would not be possible without it.
Criticism of Reform UK
Healey also criticised the far-right Reform UK party. Arguing that the party offered the opposite of the government's approach, Healey claimed that Reform UK's plans were backed by "questionable donors and imaginary funding".
Speaking about Reform UK leader Nigel Farage, Healey said Farage tried to present himself as a man of the people but acted on the economy like "Liz Truss with a Bitcoin account".
Healey said fiscal discipline would be at the heart of the budget he will present next month.
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