Business groups respond to Chancellor's first Labour Party Conference speech
On 28 September 2026, John Healey delivered his first speech as Chancellor of the Exchequer at the Labour Party Conference identifying 'Backing Britain' as one of his main priorities.
29 Sep 2026
On 28 September 2026, John Healey delivered his first speech as Chancellor of the Exchequer at the Labour Party Conference identifying 'Backing Britain' as one of his main priorities. Business was identified as being of key importance and the speech recognised the impact that cost pressures could have on growth.
Jobs for young people was a central message. The National Wealth Fund will be used to create and support a further 130,000 jobs including expanding local apprenticeship services and restoring the Union Learning Fund to help people build new skills and adapt to changes such as the increasing role of AI.
The speech also focused on industrial growth. As well as the previously announced funding for British shipyards, the wider package or economic plans linked to the speech proposed that more flexible funding could be issued to buyers from certain countries to incentivise buying British.
The focus on the cost of doing business was welcomed by a number of business groups. Rain Newton-Smith, CBI Chief Executive, commented:
'By linking the cost pressures facing business to the wider challenge of raising living standards, the Chancellor showed an appreciation that a stronger economy depends on giving firms the confidence and capacity to create jobs, raise wages and invest.'
Groups remain keen to see how the aims will be put in place in the Budget. FSB National Chair Tina McKenzie said:
'The broad theme of hope needs to be followed up with concrete pro-business, pro-growth changes that help small businesses.'
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