20 July 2026
If you are covering John Healey’s appointment as Chancellor of the Exchequer, please see the following comment from Shaun Moore, tax and financial planning expert at Quilter:
"In a surprise first cabinet appointment, former defence secretary John Healey has been confirmed as Chancellor of the Exchequer. Commentators had Shabana Mahmood as the front runner, with Ed Miliband a close second, but regardless of who had taken the title, the challenge for the incumbent remained the same. The UK tax system has become increasingly complex and subject to constant speculation. John Healey’s challenge is not just balancing the books, but creating a stable environment where people can plan for the long term without worrying that the rules will change again tomorrow.
"For savers and investors, the real test will not be the appointment itself but the policies that follow. One of the more encouraging developments in recent years has been the growing recognition within government that the UK needs a stronger investment culture. Too much wealth sits in cash when it could be helping individuals build long-term financial resilience while supporting economic growth. While we have not agreed with every proposal designed to achieve that goal, the broader ambition of encouraging more people to invest for the long term is absolutely the right one.
"The government faces some difficult fiscal choices and there will inevitably be scrutiny of taxes, pensions and savings. However, there is a clear distinction between reform and constant tinkering. The repeated rumours before recent Budgets about possible changes to pension tax-free cash show how speculation alone can drive uncertainty and influence people's financial decisions. This can create confusion, discourage long-term planning and ultimately undermine confidence in saving and investing.
"With speculation over tax changes, including a wealth tax, already high in advance of the Chancellor even being appointed, his priority should be to restore confidence among savers and investors. While any government must ensure the tax system remains fair and sustainable, reforms should be carefully considered to avoid unintended consequences that deter investment, reduce economic activity or ultimately raise less revenue than intended.
"The UK has now had six Chancellors in just over four years. Frequent changes at the top of the Treasury can make it harder to pursue a consistent long-term strategy, with each Chancellor inevitably bringing different priorities and areas of focus.
"If Healey can combine fiscal discipline with a commitment to policy stability and continue the push to make long-term investing more accessible and attractive, he has an opportunity to strengthen both the public finances and the financial wellbeing of UK households. Improving participation in investing remains one of the most effective ways to help people build wealth over time, and we hope that remains a priority under her leadership of the Treasury."
