Finance Minister John Healey pledged on Monday to “get Britain working again” by creating more jobs while maintaining fiscal discipline, ahead of the government’s budget announcement scheduled for October 28. Speaking at the Labour Party’s annual conference in Liverpool, Healey emphasized the need to boost employment, particularly among young people, and to support economic growth through investment in technology and defense.

Healey highlighted the challenge posed by Britain's current economic conditions, including high debt-servicing costs and constrained public finances, which limit the government’s flexibility. He underscored the importance of sticking to established fiscal rules and committed to balancing day-to-day government spending with revenue by the end of the decade.

The minister’s address focused heavily on optimism about a “new age of industrialization” driven by technological advances and defense-related sectors. He noted that beyond economic statistics, progress should be visible in everyday life—such as families affording holidays and businesses expanding their workforces. Central to Labour’s approach is tackling youth unemployment, with approximately one million young people out of work in the country. Expanding job opportunities and apprenticeship programs will be key components of the government’s strategy.

Healey’s statements also form part of a broader effort led by Prime Minister Andy Burnham to reduce the welfare bill, which reached a record £324 billion ($429 billion) in the last financial year, equating to about 11 percent of the UK’s economic output. The fiscal challenges underscore the government’s cautious stance on spending even as it seeks to stimulate growth.

Despite the forward-looking tone, Healey’s speech was notably sparse on specific budgetary details. Officials have signaled that the upcoming budget will prioritize reassuring bond markets, as long-term borrowing costs for the UK remain at their highest levels since the 1990s. This cautious approach appears intended to maintain market confidence amid concerns over public debt.

Some observers characterized Healey’s announcement as more of a morale booster for the Labour Party, which has seen improvements in opinion polls since Burnham replaced Keir Starmer as prime minister in July, rather than a comprehensive policy roadmap. “The speech felt it was very much like it was a holding statement and we should check in a few months,” said one business executive speaking anonymously.

Healey’s first conference address reflected a balance between aspirational goals for economic revival and a pragmatic acknowledgment of the government’s financial constraints as it prepares for its next fiscal plan.