Shortly after John Healey was named Andy Burnham’s surprise pick for Chancellor, he quipped: “All I’ve done so far is go up to the chancellor’s office and it’s very much as Gordon Brown left it”.
Not former chancellor Rachel Reeves, note, but former prime minister Gordon Brown. Brown hasn’t been chancellor for nearly 20 years – he swapped No 11 Downing Street for No 10 in 2007 – but he is still held in high regard in the City. Not for his politics, but because they knew where they stood.
Conversely, Reeves was distrusted by business for the shock employers’ national insurance rise and disregarded for the alleged hyping of her CV, claiming she was a Bank of England economist – behaviour that is heavily frowned upon in corporate-land.
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Caption: LONDON, ENGLAND – JULY 21: Chancellor of the Exchequer John Healey arrives at 10 Downing Street for Prime Minister Andy Burnham’s first cabinet meeting, on July 21, 2026 in London, England. Andy Burnham appointed key members of his cabinet yesterday evening after becoming Prime Minister earlier in the day. He has pledged to decentralise power via “No 10 North, provide immediate cost of living “Breathing Space” and to end rough sleeping across England. (Photo by Dan Kitwood/Getty Images)
Photographer: Dan Kitwood
Provider: Getty Images
Source: Getty Images Europe
Copyright: 2026 Getty Images
Politics
How Healey as the new Chancellor may impact your tax and benefits
Andy Burnham has appointed John Healey as Chancellor – a surprise decision after Shabana Mahmood and Ed Miliband were both widely tipped for the job.
Here’s our analysis of what this could mean for different policy areas.
Tax
Healey has little personal track record on tax policy, so the clearest guide to what comes next comes from Burnham himself.
The first move has been a tax cut, with VAT removed from domestic electricity bills from October.
After this it is less clear, although Burnham has indicated he wants to look at raising the frozen £12,570 personal allowance.
Burnham has also not ruled out a wealth tax.
SAVING AND BANKING
3 min read
The economy
Healey’s early message has been one of continuity rather than change.
Responding to ONS figures on Tuesday showing borrowing fell to £16bn in June, he said: “Fiscal control is the first duty of any Chancellor. It is mine.”
The Bank of England held rates at the last meeting of the Monetary Policy Committee (MPC) (Photo: Sean Gladwell/Moment RF/Getty)
Caption: Britain’s Chancellor of the Exchequer John Healey, center, attends the first cabinet meeting held by Prime Minister Andy Burnham at 10 Downing Street, London, Tuesday July 21, 2026. (Eddie Mulholland/Pool Photo via AP)
Photographer: Eddie Mulholland
Provider: Eddie Mulholland/Pool The Telegr
Source: Pool The Telegraph
Copyright: ? Eddie Mulholland
Whether that holds is the real question hanging over his tenure, and markets have so far reacted with caution.
Benefits
Plans to cut billions from sickness and disability benefits caused a near-rebellion from backbench MPs last year.
Pat McFadden, Work and Pensions Secretary, previously said he is “not ruling anything out”, while Burnham has said only that he would not make immediate cuts.
There are signs Healey may be sympathetic to a slower approach.
Responding to George Osborne’s budget a decade ago, he had called a £12bn round of cuts a political “choice” not a necessity.
Defence
After resigning as defence secretary last month and rejecting an offer of £13.5bn to fund the Defence Investment Plan, Healey now has power over the funding gap and faces the challenge of how to pay for it.
Burnham and Healey have signalled they are on the same page, and Healey said the pair would “meet our commitments on defence to our international allies”.
John Healey speaks with members of the allied forces as they participate in exercise Spring Storm in May near Voru, southern Estonia (Photo: Leon Neal/Getty Images
Analysis
4 min read
environment
Puffling sighting gives hope to Dorset’s colony
Caption: EMBARGOED TO 0001 WEDNESDAY 22 JULY
Undated handout photo issued by the National Trust of a rare glimpse of a young puffin emerging from its nest at Dancing Ledge. For the first time in 30 years, volunteers monitoring the puffin colony in Purbeck have a confirmed sighting of a puffin fledgling – known as a puffling – on the cliffs near the National Trust’s Dancing Ledge. The puffling was peeping out from a deep crevice on the sheer cliff, where the last breeding colony of puffins on mainland England’s south coast is clinging to survival.
The sighting followed more than 15 weeks of monitoring by the volunteers as they watched the adult puffins courting, mating, carrying nesting material and, since late-May, repeatedly delivering fish to the nests hidden deep within the crevice and has given conservationists fresh hope for the future of Dorset’s dwindling puffin population. Issue date: Wednesday July 22, 2026. PA Photo. See PA story ENVIRONMENT Puffling. Photo credit should read: National Trust/Martin Shaw/PA Wire
NOTE TO EDITORS: This handout photo may only be used in for editorial reporting purposes for the contemporaneous illustration of events, things or the people in the image or facts mentioned in the caption. Reuse of the picture may require further permission from the copyright holder.
Photographer: National Trust/Martin Shaw
Provider: National Trust/Martin Shaw/PA Wire
Source: PA
A rare view of a young puffin coming out of its nest has filled conservationists with new hope about the future of Dorset’s declining puffin population.
A long wait
For the first time in 30 years, volunteers monitoring the puffin colony in Perbeck have a confirmed sighting of a puffling – a puffin fledgling – on the cliffs near to the National Trust’s Dancing Ledge.
The puffling was looking out from a crevice in the cliff.
This is where the last breeding colony of puffins on mainland England’s south coast is holding onto survival.
The sighting comes after over 15 weeks of monitoring by the volunteers, who watched the adult puffins courting, mating, carrying nesting material, and delivering fish to the nests.
Fresh hope
With only three breeding pairs remaining, every chick matters. One puffling alone won’t save this colony, but one is a whole lot better news than none.
Dr Richard Caldow, an expert in seabird ecology, led the monitoring project and was supported by volunteers from the Purbeck Natural History Forum. The puffling is estimated to be between 38 and 40 days old.
Puffins are my favourite birds (Photo:: Gunnar Orn Arnason/Getty Images/Moment RF)
What’s next for the puffling?
The puffling is expected to leave the ledge and its parents during the night and spend the several years alone at sea.
If it survives, it may return to Purbeck at around two years old, although puffins do not usually breed until around age four. In April, six adult puffins were recorded at the colony.
Caption: EMBARGOED TO 0001 WEDNESDAY 22 JULY
Undated handout photo issued by the National Trust of a rare glimpse of a young puffin emerging from its nest at Dancing Ledge. For the first time in 30 years, volunteers monitoring the puffin colony in Purbeck have a confirmed sighting of a puffin fledgling – known as a puffling – on the cliffs near the National Trust’s Dancing Ledge. The puffling was peeping out from a deep crevice on the sheer cliff, where the last breeding colony of puffins on mainland England’s south coast is clinging to survival.
The sighting followed more than 15 weeks of monitoring by the volunteers as they watched the adult puffins courting, mating, carrying nesting material and, since late-May, repeatedly delivering fish to the nests hidden deep within the crevice and has given conservationists fresh hope for the future of Dorset’s dwindling puffin population. Issue date: Wednesday July 22, 2026. PA Photo. See PA story ENVIRONMENT Puffling. Photo credit should read: National Trust/Martin Shaw/PA Wire
NOTE TO EDITORS: This handout photo may only be used in for editorial reporting purposes for the contemporaneous illustration of events, things or the people in the image or facts mentioned in the caption. Reuse of the picture may require further permission from the copyright holder.
Photographer: National Trust/Martin Shaw
Provider: National Trust/Martin Shaw/PA Wire
Source: PA
LIFESTYLE
3 min read
Young obese women are driving an increase in type 2 diabetes
A new study found a rise in the number of young adults with type 2 diabetes, and they tend to be more overweight at the point of diagnosis than older people.
Weekly injections of GLP-1 receptor agonist for improved glucose regulation in type 2 diabetes – stock photo. (Photo: Getty)
A closer look at the study
The research, published in Lancet Regional Health Europe, showed that incidence of type 2 diabetes is falling in older adults, although they still make up most new cases.
It is rising rapidly in people younger than 40, particularly women.
The increase was particularly noticeable in white, Asian and Black women aged 20 to 29, and in white women aged 30 to 39.
LIFESTYLE
3 min read
What do the figures show?
69%
The rise in age-standardised incidence of type 2 diabetes in women aged 20 to 29.
It also rose 43 per cent for men aged 20 to 29.
This contrasts to a decline in incidence of 7 per cent in men and 4 per cent in women aged 60 to 79.
Body weight is impacting the rise
The study showed the increase in body mass index (BMI) over time among younger people diagnosed with type 2 diabetes was around double that seen in older adults.
Diabetologist doctor waiting for result from glucose testing in diabetes clinic. – stock photo. (Photo: Getty)
Caption: EMBARGOED TO 2330 WEDNESDAY JANUARY 7
Picture posed by a model. File photo dated 03/03/14 of someone using a set of weighing scales. People on fat loss jabs need ongoing support, researchers have said, after a major study found they put all the weight back on much faster than traditional dieters. Researchers from the University of Oxford discovered that people on drugs including semaglutide (Wegovy) and tirzepatide (Mounjaro) lose weight during treatment but, on average, regain it within 20 months of stopping the jabs. Issue date: Wednesday January 7, 2026. PA Photo. Photo credit should read: Chris Radburn/PA Wire
Photographer: Chris Radburn
Provider: Chris Radburn/PA Wire
Source: PA Wire
This suggests that successive generations of younger adults are developing type 2 diabetes at increasingly severe levels of obesity.
Risks to lives
The rise in type 2 diabetes among younger adults is deeply concerning. Any diagnosis of type 2 diabetes is serious, but it can be more aggressive in younger people, increasing the risk of devastating complications and cutting lives short.
helen kirrane, head of policy, campaigns and mobilisation at diabetes uk
Caption: Doctor measuring teen patient’s blood pressure. Examining hypertension in diabetic teenage girl. Girl visiting paediatrician for annual preventive examination, check-up.
Photographer: Halfpoint Images
Provider: Getty Images
Source: Moment RF
Are you having as much sex as everyone else?
It’s natural for libido to wax and wane due to life events, dating status or hormonal changes.
And it can be hard to say what a “normal” sexual frequency is. But research and case studies give us a rough idea.
The statistics
When it happens
61%
A 2023 survey concluded that almost two thirds (61 per cent) of us wait until night-time to have sex.
Only 14 per cent opt to get busy in the early evening, and 10 per cent in the morning.
Three
Research from 2019 suggests that the average number of times British live-in or married couples have sex per month is three.
Are Gen Z having less sex than older people?
I see my partner on the weekends and have sex with others in the week.
Leanne, a 27-year-old influencer from Bristol has sex three or four times a week, but only sees her long-distance partner on the weekends. They have agreed they can both sleep with other people during the week.
Millennials
35-year-old Rebecca usually sleeps with her partner once or twice per week due to not having much child-free time.
Clare, 32, says her job is busy and she has to schedule sex with her partner on weekends, or some afternoons twice a month. “Occasionally this slips and I do worry that it makes us not as connected,” she says.
Gen X
Daisy, 56
I haven’t had the issue of my sex life drying up with menopause. I’m more aroused now.
Anna, 52
I’ve been married for 15 years. I love my husband, but our sex life is non-existent, and has been for about five years.
Mimi, 46
I’m not really motivated to seek out partners; I vaguely like the idea of it but not enough to take any action.
Boomers
I’ve been married for 20 years and sex has become something of a rarity. We maybe have sex once a week on a Sunday morning as we’re both relaxed and I can take Viagra late on Saturday night – without it, I can’t perform.
JACK, 63, OFFICE WORKER, KENT
Couple, talk and arguing with fight at house for disagreement, conflict and divorce discussion. Woman, explain and bored man for conversation, toxic relationship and drama and marriage fail in lounge – stock photo. (Photo: Getty)
The seven rules that could save your marriage
Keep your sense of self
I did what I thought I was supposed to do and forgot my needs and wants. I think it’s really important that you’re an individual and not just a person who is married.
KATIE STRATFORD*, A 55-YEAR-OLD MUM OF TWO, WHO DIVORCED ATER 19 YEARS
Caption: A married couple sitting in silence, looking in opposite directions. The image captures the concept of female loneliness within a marriage, emotional disconnection, and relationship problems. Symbolizes quiet desperation and isolation at home
Photographer: Galina Zhigalova
Provider: Getty Images
Source: Moment RF
Seven rules to save your marriage
(Photo: Kathrin Ziegler/Getty).
The small things
Small things, like being brought a cup of tea or saying thank you, make a big difference.
Therapists
Karen Deulofeu, who ended her six-year marriage, believes all couples should seek support, even before they think they need it.
Female psychiatrist discussing with mid adult woman during therapy session – stock photo. (Photo: Getty)
(Photo: MTStock Studio/Getty).
Listen
Listen properly by repeating what you have heard and ask if you’ve got that right.
Don’t lose communication
People don’t talk about the deep issues; nobody else is going to do it for you. You don’t want to ask questions because it might rock the boat…you have to keep talking, and talk about what it is that you want within the relationship to keep going forward.
KATIE STRATFORD
‘One question is how to achieve such a longevity hack when most of us have relationships that unsettle us,’ says Dr Amir Levine (Photo: Oliver Rossi/Getty)
Seven rules to save your marriage
Remember that things change
“What you see on social media and what friends say is quite often the nice version. Everything is a phase,” says Deulofeu.
‘I’m genuinely considering returning to full-time work’ (Photo: PeopleImages/ Getty Images)
Caption: A senior couple spend time in an indoor sunny market. The woman looks through a clothes on a rail as her husband waits patiently behind her.
Photographer: Catherine Falls Commercial
Provider: Getty Images
Source: Moment RF
Look at yourself first
“Focus on what’s in your control and what you can do differently, rather than the other person or a situation that you can’t control. Invest in understanding yourself,” she adds.
There are things that all mid-life men should know about keeping their hearts healthy.
From eating more purple fruit to avoiding large bowls of pasta, consultant cardiologist Dr Zoe Astroulakis [below] shares her simple lifestyle habits she wishes her patients would take on board.
Positive changes to make
Swap ‘bad’ fats for healthy ones
You don’t need to eat a fat-free diet; the key is to reduce your saturated fat. Reduce your dairy and swap your red meat for lean meat such as chicken and oily fish.
Shoppers are set to face spiralling food bills as a result of the war in Iran (Photo: Bet_Noire/Getty)
Caption: man eating fried chicken
Photographer: Prapass Pulsub
Provider: Getty Images
Source: Moment RF
Control your portions
You don’t need more carbohydrates in a meal than you can fit in your hand. Enormous plates of pasta can cause blood sugar spikes, which can lead to health problems.
Positive changes to make
Supermarkets report increasing demand for blueberries (Photo: RHS/Guy Harrop)
Look for purple
Blueberries, black grapes and aubergines are great for boosting “good” cholesterol.
Have oats
Porridge is one of the healthiest breakfast options because it’s full of soluble fibre.
Swap supermarket-bought cereals for wholemeal oats (Photo: Arx0nt/Getty)
Ketamine has become an increasingly mainstream drug used in clubs and festivals in recent years (Photo: Getty)
Stop taking cocaine
It can provoke a massive heart attack, even in younger people who don’t have existing artery problems.
Stay below the alcohol limit
‘She doesn’t really like me drinking and says that I smell after a night out with friends’ (Photo: Getty)
The NHS guidelines of 14 units per week is still more than 1,000 additional calories.
The safest level to aim for is zero.
If you’re drinking, make sure you have some alcohol-free days each week and space it out.
Interview
5 min read
Positive changes to make
Do cardio too
Don’t only focus on lifting weights. It might make you look toned, but it says nothing about the health of your heart.
Caption: Close-up view of female jogger tying laces of her sport shoes before running exercise routine. Motivation, healthy lifestyle and fitness concept.
Photographer: Xavier Lorenzo
Provider: Getty Images
Source: Moment RF
Home blood pressure monitors are now available to buy for around £20, and are preferred over smart watches due to their more accurate readings (Photo: Getty Images)
Check your levels
You can get free blood pressure checks in many pharmacies or you can buy a monitor for around £30 to use at home.
Avoid night shifts
It disrupts the body’s circadian rhythm and can lead to increased cholesterol.
Engineers from a Thames Water leak hunting team unloads equipment from their van during a night shift in London in 2022 (Photo: Getty)
A sign to look out for
A beer belly is a sign you need to make urgent changes
Caption: glasses of Real ale beer on bar in traditional English pub
Photographer: Peter Cade
Provider: Getty Images
Source: Photodisc
It’s usually a sign you’re drinking too much. By the time your belly starts to bulge, it’s a sign that you’re consuming excess calories and storing too much fat internally.
LIFESTYLE
3 min read
Want a new career but worried it’s too late?
Mid-life is not too late to start again, says experienced recruiter Elizabeth Willetts [below].
Here, Willetts shares the best jobs to switch to during midlife if you want a change – without sacrificing pay.
Changing careers in your fifties
Mid-life career pivots can lead to higher earnings.
7.4%
According to the Organisation for Economic Co-operation and Development, workers aged 45 to 54 who voluntarily pivot jobs see an average wage growth of 7.4 per cent.
3.5%
And those aged 55 to 64 still see a 3.5 per
cent increase.
The AARP Global Employee Survey also found that over half of workers who changed jobs voluntarily experienced improvements in work flexibility and mental health.
So what job options are there?
Virtual assistant
As a virtual assistant your workload will be very varied and it could be anything from tidying inboxes, booking travel, sending invoices or updating spreadsheets.
More and more people are using AI for counselling (Photo: Oscar Wong/Getty/Moment RF)
Confident successful Indian female HR recruitment manager holding resume in hands while having an interview in a modern office, looking and listening to job candidate. Friendly interview between HR female director and caucasian job candidate. – stock photo. (Photo: Getty)
You can start out earning around £20 to £35 an hour, but it can scale into agency work, launch support or even project management. Some earn very well.
Recruitment
Male candidate handshake with the recruiter at job interview – stock photo. (Photo: Getty)
What it involves
You will source, screen and interview candidates to match them with the right job roles.
Who it’s for
You don’t need any qualifications but it’s suited to communicators and commercially-minded people.
Rearview female recruitment reading and checking resume in hands interviewing and hiring woman candidate for joи near laptop in office with glass windows – stock photo. (Photo: Olga Rolenko/ Getty)
From April 2027, retirement savings will be included when the tax bill for those inheriting money is calculated (Photo: Malte Mueller/Getty)
The pay
The salary van vary from £25 to £50k, but you can earn around £100k depending on commission.
Jobs to switch to in your fifties
Some estate agents give high valuations to drum up business (Photo: Monkey Business Images/Getty/iStockphoto)
Estate agent
It offers flexible hours and weekend staff can earn £15 per hour.
Training
This form of coaching for businesses could earn around £250 to £1,000 per day.
Caption: portrait of confident senior business man holding digital tablet in modern office
Photographer: zeljkosantrac
Provider: Getty Images
Source: iStockphoto
(Photo: Getty).
Sales
In the lower end, a sales rep can make £30k and on the higher end £50-60k, plus commission.
Why coaching is a good option
Coaching is incredibly varied and can be anything from career coaching, to confidence and leadership coaching.
As it is an unregulated industry, you don’t need qualifications but the more reputable option is the International Coaching Federation.
It’s a great career option for older people because clients genuinely value your wealth of life experience.
It’s flexible, scalable, and you can start doing it part-time alongside another role.
It could make you anything from £200 an hour, all the way up to £500 p/h+.
Even though the NHS Pension scheme is envied by many for its generosity, those working for the NHS facing financial struggles are choosing to opt out (Photo: Getty Images)
Consulting
This can be across HR, operations, marketing, finance, people strategy or project management, as it’s varied.
A huge number of businesses now want expertise without having to hire full-time staff so there is a big job market for freelance consultants.
Price on value, not hours – if your advice saves a client £200k, charging £150 an hour undersells what you’re worth.
Do some foods leave
you feeling hungry rather than satiated? Experts say there are…
Foods that leave you hungrier
A bowl of cereal and glass of orange juice
More refined cereals are digested quickly, and fruit juice, whilst one of your five-a-day, contains less fibre than whole fruit. This might mean you find yourself hungry again within 1-2 hours of eating this breakfast.
No more orange juice. (Photo via pixaby)
It’s estimated ultra processed foods make up at least half of the average UK diet (Photo: Getty)
Swap the orange juice for a whole orange, the cereal for oats and milk or serve it with Greek yoghurt or a boiled egg. This would increase the fibre and protein content; two nutrients strongly linked with fullness.
Foods that leave you hungrier
Caption: Gail’s croissant
Image taken from https://gails.com/collections/breakfast/products/croissant
Croissants
These pastries are made primarily from refined flour and butter, and are relatively low in protein and fibre.
Toast and jam
It is mostly carbohydrate and without protein or fibre, it is digested quickly, leaving you feeling hungry.
Caption: Toasted bread and white background
Photographer: Daniel Tamas Mehes
Provider: Getty Images
Source: iStockphoto
Copyright: Minden jog fenntartva!
Yakitori’s on the menu at the Japanese restaurant – but what exactly is it? (Photo: Reuters)
Sushi
Shop-bought packs can contain a lot of white rice, which is digested quickly, and the protein content is often modest.
Foods that leave you hungrier
Sarawak laksa is one of many varieties of this noodle soup (Photo: Tham Kee Chuan/Getty)
Vegetable soup
On its own, it is often very low in protein and calories, so hunger can return quickly.
Pizza
Unless it’s loaded with veggies, it’s probably pretty low in fibre.
Best pizza in Britain named – and owner reveals the secret to its success (Photo: James Linsell Clark/SWNS)
The Government has announced that the sugar tax will be extended to milkshakes (Photo: Scott Suchman)
Smoothies
Liquids are generally less filling as they require little chewing which may not trigger satiety signals.
Foods that leave you hungrier
‘Aged 14, I started what I considered to be my own little business selling confectionary,’ writes Beauty Dhlamini (Photo: Getty)
Snack bars
They are ideal for a quick pick-me-up, but if reducing hunger is what you’re after, it’d be better to swap it out.
Low-fat yoghurt
A full-fat plain Greek yoghurt with berries and seeds tends to be much more filling due to the protein, fat and fibre.
Which yoghurts are the best options? (Unsplash)
Caption: BANGKOK, THAILAND – OCTOBER 17: A “KT Herbalist”, a Kratom cocktail made from Kratom, coffee and siamese herbs is seen at Teens of Thailand, a bar in Bangkok’s Chinatown on October 17, 2021 in Bangkok, Thailand. In April 2021, the start of Thailand’s third and most deadly wave of the COVID-19 pandemic, the Thai government banned the sale of alcohol in restaurants and bars, crippling the already suffering food and beverage industry. With a lack of government aid and support, some bars have shuttered their doors in hopes of reopening post-lockdown, while others shuttered their doors for good. But six months into Thailand’s most recent lockdown, Niks Anuman-Rajadhon, owner of Teens of Thailand, a gin bar located in a renovated shophouse in Bangkok’s Chinatown, decided that instead of waiting for the government to allow the sale of alcohol again, they would take advantage of Thailand’s recent legalization of Kratom. Kratom is a locally grown herbal drug with mild opioid and stimulant effects and was reclassified from a type-5 narcotic to a legal-to-grow herb in August 2021. While Thailand prepares for a tentative reopening on November 1st, the alcohol ban and curfew are set to continue, leaving business owners questioning if the country can revive its suffering tourism industry. (Photo by Lauren DeCicca/Getty Images)
Photographer: Lauren DeCicca
Provider: Getty Images
Source: Getty Images AsiaPac
Alcohol
On an empty stomach, it can actually increase your appetite.
What to eat instead
Instead of thinking about avoiding foods, think about what you can add to them.
Add beans, lentils or shredded chicken to your vegetable soup and pasta.
Thicken your smoothies with Greek yoghurt, chia seeds and oats.
Apple slices with peanut butter, yogurt with berries and hummus with oat biscuits are better snack options than a pre-made snack bar.
Have alcohol alongside a balanced meal containing protein and fibre.
Which is why the appointment of Healey, a left-wing trade unionist with minimal business experience, is not as unpopular a pick with the City as you might think.
“Better than many,” is how one City economist turned investment advisor put it.
Healey greeted with welcome surprise in Britain’s boardrooms
No sooner was his appointment announced than the joke went round the City: Healey once said he would tax the rich “until the pips squeak”. He did, but that was former chancellor Denis Healey, back in 1974 and he said it in relation to property speculators.
Fifty-odd years later, same name, same party, same need to raise money, same desire to target the wealthy. That’s how the City sees it, bracing themselves for a taxes onslaught from the new Government, with a mansion levy high on the new Healey’s hit-list.
Add to that the fact that Healey has never worked in business, never had to appreciate the distinction between profit and loss, starting out as a journalist on The House, the Palace of Westminster journal, after a degree in social and political science (what’s that when it’s at home?) at Cambridge, then moving into campaigning and comms for trade unions and you can see why he would be viewed with fear and loathing.
He was campaigns director of the Trades Union Congress (TUC), for heaven’s sake, someone who actively stirred up the shopfloor against the hated bosses for a living.
The nearest he got to business was as a lecturer in the subject at the Open University. But if you thought all this would be held against him, you’d be wrong. Healey’s new role was greeted with welcome surprise and relief in Britain’s boardrooms.
Partly, it is based on the thought that he was better than the reviled Foreign Secretary Ed Miliband, viewed as too leftie, beyond redemption, desperate to lay into anyone with a decent home, income and bank account.
The other widely touted candidate was Home Secretary Shabana Mahmood. Her track record on the economy was thin; as far as business was concerned, she was unknown and therefore dangerous. She seemed alright at the Home Office, appeared tough on immigration, but beyond that, little was really known.
Andy Burnham must like her if he made Mahmood chancellor, and, given Burnham is more left-wing than his predecessor, that made her a threat.
City can forgive socialism for solid and sensible
It was neither of them. Nor was it Defence Secretary Wes Streeting or any of the other canvassed names. Instead, it was Healey, the chap who had just quit defence, where he was highly regarded.
“He genuinely should bring some middle ground common sense, whereas the other two options are a bit more extreme, one on the left and one on the right. He’s a solid, centre ground, common sense kind of guy,” Alyx Wood, chief investment officer of UK-focused hedge fund Kernow Asset Management, told Bloomberg.
Add to that Healey had form in the Treasury, as financial secretary for two years in the Brown administration and Burnham’s stroke won plaudits.
The admiration goes deeper. It’s to do with who the City likes and dislikes in politics. Those whom the City favours are the solid and sensible. Really, it does not matter so much if they are avowedly socialist.
“‘John Healey brings Treasury experience and is a sign that Burnham will respect the bond markets as a check on his radicalism, rather than plough ahead with significant changes that could unsettle the fiscal position,” Nigel Green, Quilter Cheviot’s head of fixed interest research said.
What swings the CEOs, entrepreneurs, fellow executives, their advisors, financiers and the like, is whether they can be trusted – if they do what they say and stick to it.
That’s why they appreciated Brown. He was more left-wing than former prime minister Tony Blair but the City preferred him. Gordon, as they saw him, didn’t turn in the wind – you knew where you were, even if it wasn’t always to your liking.
Sure-footed
On that basis, they could make firm investment decisions and spending commitments. So, it was another feather in Healey’s cap that Brown, who knew the Treasury backwards, gave him a ministerial job.
Healey, like Brown, isn’t given to donning fancy headgear. He’s not flash, decidedly unshowy, and the City likes that as well in a public servant. He’s plain, dresses properly, conforming dark suit and tie, again another plus.
He’s also a pragmatist, which is another way of saying realist, and this they do appreciate. At a party fund-raising event in London, attended by many City-types, there were three main speakers: Streeting, then health secretary, Pat McFadden, the Work and Pensions Secretary and Healey.
Streeting spoke about Streeting and was mostly “me, I”; McFadden was analytical, speaking of polling numbers and percentages; Healey was in between, displaying passion and conviction for the “[Keir] Starmer project” and stressing that Labour wished to work with, not against, business to generate growth.
Of the three, his contribution stood out; Healey was quietly sure-footed, connecting ably with the crowd.
John Healey, far left, with former chancellor and prime minister Gordon Brown and his Treasury team outside No 11 Downing Street in 2005 (Photo: Peter Macdiarmid/Getty)
‘Fiscal control is the duty of any Chancellor’
He has that aura. While he may have begun his career on the active left wing, galvanising the workers, Healey has shown himself to be a political mover.
He is firmly of the centre, not on either wing, playing to both wings and not making enemies. Add to that a shrewd intelligence, and it’s easy to see why he has been such a survivor of very different Labour premierships.
It’s hard to imagine Healey tripping up. The City jury is still out on Healey’s new chief for saying Britain should not be “in hock to the bond markets”. That showed a lack of understanding from Burnham as to how finance operates and still provokes jitters.
The decision to cut VAT on energy bills has also sent the hares running, in that it is not costed.
Healey, on the other hand, pressed exactly the right buttons when he said, outside the Treasury: “Fiscal control is the duty of any chancellor; it is mine. Fiscal credibility is the bedrock for economic stability and for national security, and you heard the Prime Minister this afternoon say in this more dangerous world we will meet our commitments on defence to our international allies”.
Healey quit as defence secretary because he didn’t get the cash he desired. The problem lies within the department, as he stressed at the time: “The Treasury’s a paradox: you have some of the very best and brightest officials in the Treasury, but you have, too often, a Treasury orthodoxy that’s a dead hand on dynamic government.”
That is why the City is less worried; it’s the Treasury that should be afraid.
Two key Burnham economy influencers are Andy Haldane, the ex-Bank of England economist and Lord Jim O’Neill, the former Goldman Sachs Chairman.
If Burnham consulted them, Healey is likely to have received their blessing, or he might have been their suggestion. Whatever. Ex-Bank, ex-Goldman – the City rates Healey.