British Chancellor John Healey Talks 'Jewel' In UK's Economic Crown

John Healey · HM Treasury (UK Government)

UK is cutting its deficit and showing fiscal discipline that the IMF wants other countries to copy.

Healey says the IMF's Bangkok report backed the UK's economic plans, citing Britain's existing performance in cutting the deficit and demonstrating fiscal discipline. He says the IMF wants to see this in other countries. He ties spending control to bringing down the high borrowing costs that previous governments left the UK with, and presents the budget as part of a plan to keep the deficit falling.

“Not just the plans, but the performance already of Britain cutting the deficit and demonstrating a fiscal discipline that the IMF says it wants to see in other countries.”at 0:59

John Healey · HM Treasury (UK Government)

UK economic growth is proving resilient despite global shocks, and the budget will protect that resilience.

Healey argues that although the government would like growth to be stronger given deep economic shocks elsewhere in the world, British growth is holding up well. He cites the IMF's Bangkok report, which he says backed the government's economic plans. He frames protecting this resilience as his responsibility as chancellor, and says the October 28 budget will do that while giving some cost-of-living relief to families and businesses.

“And whilst we all want growth to be even stronger in the face of these deep economic shocks that people are seeing around the world, nevertheless, the British economic growth is proving resilient.”at 1:11

John Healey · HM Treasury (UK Government)

UK banks are a major contributor to the British economy, driving investment and lending.

Asked about the banking sector's reaction to possible tax increases, Healey declines to discuss specifics. He still characterises UK banks as a central part of the economy. He says they play a massive international role and drive investment in British companies, make lending available to British families, and contribute significantly to the economy.

“They're a part of the jewel, if you like, in the British economic crown, a big contributor to the economy”at 2:51