Healey admits money ‘simply not there’ but vows to back British businesses – POLITICO

U.K. Chancellor John Healey admitted that the money Tony Blair's 1990s Labour government had is “simply not there” now, but vowed to grow a “bigger cake” of wealth by backing British businesses.

Speaking to attendees at the Labour Party Conference in Liverpool today, Healey, who will deliver his first budget in exactly one month, declared that London should not “shoulder the economic burden alone” in building the country’s economy and pledged to ensure that any growth is “shared” across Britain. 

But Healey faces a tricky economic situation ahead of his first fiscal statement next month, with analysts estimating the chancellor has between just £8.5 billion and £12 billion in fiscal headroom, leaving the exchequer precious little money to spend on political goals.