Allianz chief economic adviser Mohamed A. El-Erian said Chancellor John Healey used his first major speech to strike an upbeat tone and promote a "growth Britain." Healey signalled he will maintain predecessor Reeves' fiscal discipline while broadening policy to unlock regional investment—especially in the north—and lower business operating costs. He warned that government interest spending, if treated as a standalone department, would exceed the combined budgets of the Ministry of Defence, Home

Allianz chief economic adviser Mohamed A. El-Erian said Chancellor John Healey used his first major speech to strike an upbeat tone and promote a "growth Britain." Healey signalled he will maintain predecessor Reeves' fiscal discipline while broadening policy to unlock regional investment—especially in the north—and lower business operating costs. He warned that government interest spending, if treated as a standalone department, would exceed the combined budgets of the Ministry of Defence, Home Office and Justice. El-Erian said the key test is whether these proposals can be converted into durable, deliverable policy before borrowing costs rise further and economic growth and public finances come under pressure.