Did you know that, since Lewis & Co launched 40 years ago, we have seen 15 separate Chancellors? The first was Nigel Lawson, who was in the position from 1983 to 1989 and, the 15th is John Healey.
We’ve recently seen a new Prime Minister, Andy Burnham, move into Number 10 and, during his first days in office, he has made his mark on the Cabinet, with new appointments including John Healey as the Chancellor of the Exchequer, replacing Rachel Reeves. But, who is Mr Healey and what role does the Chancellor play?
John Healey, described by the BBC as ‘the ultimate safe pair of hands’ has been on the Labour frontbench almost continuously for 25 years. He is familiar with how the Cabinet works, as he only left his role as Defence Secretary a few weeks ago, resigning from that appointment due to his disapproval of the government’s defence investment plan.
Born in Wakefield in 1960, Healey studied social and political science at Christ’s College, Cambridge. Before entering politics, he worked as a journalist, before becoming a disability rights campaigner and trade union official. He first came into Parliament in Tony Blair’s general election in 1997 as MP for Wentworth, a former mining area north of Sheffield.
The Chancellor is the third-oldest major state office and it originally carried responsibility for the Exchequer, the medieval English institution for the collection and auditing of royal revenues. The earliest surviving records of this date back to 1130 under King Henry I.
Today, the Chancellor has oversight of fiscal policy – taxation and public spending – across government departments. It previously also controlled monetary policy but, in 1997, the Bank of England was granted independent control of its interest rates.
Here at Lewis & Co, we tend to be most interested in what the Chancellor has to say when it’s time for the Budget to be revealed, as that often includes changes in taxation that could affect our clients.
As usual, we always keep an eye on any tax changes and announcements that will make a difference to our clients. If you’ve got any questions, do message us or call our team on: 01829 513515.