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John Healey is set to outline a vision for modernizing British industry during his debut speech as chancellor at the Labour Party conference on Monday. Emphasizing that traditional coal mining will not return, Healey plans to describe how Labour intends to revive the country’s industrial heritage by focusing on cutting-edge manufacturing technologies. His speech will also include details about strengthening the UK’s shipbuilding capabilities through new projects.
Among the key announcements, Healey will confirm the commitment to construct three new floating docks at HM Royal Naval Base Clyde in Faslane. These docks, which were initially proposed in 2023, will be built domestically and are intended to enhance facilities for future British submarines. This development forms part of a broader £15 billion upgrade effort for the Royal Navy’s shipyards, with the docks expected to be operational in the early 2030s. Additionally, funding worth £115 million will be allocated to commission a new marine research vessel, also anticipated to enter service during the same period.
Healey aims to inspire confidence in Britain’s industrial future by positioning these investments as both a boost to national security and a foundation for economic growth. He has stated, “By backing British shipyards, we are not only boosting national security but also securing resilience in the industries that will drive growth today while building the capabilities the country needs for the future.” However, the proposals have drawn criticism from shadow chancellor Andrew Griffith, who described them as “reheated announcements” lacking clarity on funding. He accused Labour of avoiding the difficult fiscal decisions necessary to support defense, contrasting the party’s approach with the Conservatives’ planned welfare cuts.
Beyond industrial policy, Healey will address workforce development by reinstating a trade union-run training program to equip workers with essential skills amid technological changes, including the rise of AI. The Union Learning Fund will receive £15 million from existing government allocations to provide support across various areas such as English, math, digital skills, and advanced manufacturing training. This initiative will be accessible to all employees, regardless of union membership. Meanwhile, trade unions like Unite are pressing Healey to take stronger action on cost-of-living issues, particularly by addressing income tax thresholds and energy costs as the chancellor’s Budget looms
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