(FILES) Britain's newly appointed Chancellor of the Exchequer John Healey gives his first all staff address at HM Treasury in central London on July 21, 2026. British Prime Minister Andy Burnham's new government unveils its first budget on October 28, 2026, testing a commitment to ease the cost of living and ramp up defence spending with little financial room for manoeuvre. It could prove to be a tall order for Finance Minister John Healey as rising inflation and borrowing costs -- largely a consequence of the US-Iran war -- increase the government's debt pile and heap pressure on businesses and individuals. (Photo by Stefan Rousseau / POOL / AFP via Getty Images)