Can the City make friends with Healey?

cityam

Jul 22

John Healey's appointment to Chancellor caught Westminster off-guard For the second time in history, the Labour party has recruited a former defence secretary by the name of Healey to become ...

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan the City make friends with Healey?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-22 12:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/can-the-city-make-friends-with-healey/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>John Healey's appointment to Chancellor caught Westminster off-guard  For the second time in history, the Labour party has recruited a former defence secretary by the name of Healey to become ...</p>\n\n<a href=\"https://www.cityam.com/can-the-city-make-friends-with-healey/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4211","symbol_name":"区域性银行","start_time":0,"source_url":"https://www.cityam.com/can-the-city-make-friends-with-healey/","article_id":"2653973154","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2026/07/Chancellor-John-Healey-2.jpg?w=286&h=161&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/can-the-city-make-friends-with-healey/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2653973154","pubTimestamp":1784692800,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"John Healey's appointment to Chancellor caught Westminster off-guard  For the second time in history, the Labour party has recruited a former defence secretary by the name of Healey to become chancellor.The first, Denis Healey, ended up going cap-in-hand to the IMF for a bailout in 1976 after the UK endured rocketing inflation, soaring borrowing and surging unemployment. So the bar has been set pretty low.The second, John Healey, was a surprise appointment, and there are more than a few Westminster hacks with egg on their face who confidently predicted a Mahmood chancellorship right up to the last moment. Healy II enjoys a slightly better economic inheritance – albeit with plenty of pitfalls.There are reasons to think the City favoured Healey as one of the best  options. A Bloomberg poll of execs last week found Healey was the second most popular pick for the job, behind West Streeting but well ahead of Mahmood and Miliband.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","CHCO":"City Holding Company"},"translate_title":"这座城市能和希利交朋友吗？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHCO":1.5},"content_text":"John Healey's appointment to Chancellor caught Westminster off-guard  For the second time in history, the Labour party has recruited a former defence secretary by the name of Healey to become chancellor. The first, Denis Healey, ended up going cap-in-hand to the IMF for a bailout in 1976 after the UK endured rocketing inflation, soaring borrowing and surging unemployment. So the bar has been set pretty low.The second, John Healey, was a surprise appointment, and there are more than a few Westminster hacks with egg on their face who confidently predicted a Mahmood chancellorship right up to the last moment. Healy II enjoys a slightly better economic inheritance – albeit with plenty of pitfalls.There are reasons to think the City favoured Healey as one of the best (or least worst) options. A Bloomberg poll of execs last week found Healey was the second most popular pick for the job, behind West Streeting but well ahead of Mahmood and Miliband. \n\nHealey is not untested at the Treasury. He previously served as economic secretary and then financial secretary to the Treasury in the Blair government (Burnham became chief secretary to the Treasury under Brown).\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBrowsing Hansard, I was struck by one particular appearance of Healey in the latter role in 2006, when he spoke about the importance of the City.“We must preserve the innovation, flair and light-touch regulation that is the hallmark of the City,” Healey told the Commons in November that year.“We want to safeguard our successful, risk-based and highly competitive regime of market regulation, which has helped to make London the world’s leading international financial centre.”\n\nHealey went further, defending new powers the government had handed to the financial watchdog to “veto disproportionate regulatory changes proposed by exchanges or clearing houses…to ensure that that will not impose any unnecessary or excessive burden.”I was gobsmacked. It is one thing to hear a Labour minister champion light-touch regulation; it is altogether another to hear they are so worried about excess rules they demand regulators intervene to stop new ones being created.The comments deserve context. At the time, the Nasdaq had mounted a hostile takeover of the London Stock Exchange, and there were fears the City would be dragged into the regulatory aegis of the US. The government created this veto power to give financial markets some rule-making independence, as part of what was called the Investment Exchanges and Clearing Houses Act 2006.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}