Healey Named Chancellor as Labour Bets on Steady Hands After Defence Exit

John Healey, a long-time Labour MP and former defence secretary who quit last month over a criticised defence investment plan, has been appointed Chancellor of the Exchequer by Prime Minister Andy Burnham, replacing Rachel Reeves. The move makes him responsible for funding across all government departments and signals alignment with Burnham’s priorities on reindustrialisation, cost-of-living relief, and growth. Healey is known as a steady, principled figure with deep Treasury and housing experience, and he has previously pressed for higher defence spending and Ukraine support.