John Healey appointed chancellor of the Exchequer, replacing Rachel Reeves

John Healey has been appointed chancellor of the Exchequer, replacing Rachel Reeves who held the post since Labour's 2024 election victory. Healey resigned as defence secretary just over a month ago. In his resignation letter he stated the Treasury had been unwilling to commit resources needed for defence at a time of rising threats. The letter drew praise across the political spectrum.

Healey, 66, served as defence secretary after Labour took power in 2024. He had previously been shadow defence secretary under Sir Keir Starmer. During that period he made several trips to Ukraine and met President Zelensky during the war with Russia. Healey was first elected to Parliament in 1997 for a constituency in South Yorkshire and has held frontbench roles almost continuously since 2001.

In September 2024 he told NATO allies he was confident the government could increase defence spending and improve equipment for the armed forces. He also oversaw a £9bn plan to improve housing for military families. Healey had criticised the defence investment plan for lacking clarity on new funding and called for UK defence spending to reach 3% of GDP by 2030.

““We see you. We see your activity over our cables and our pipelines, and you should know that any attempt to damage them will not be tolerated and will have serious consequences.””

“— John Healey, April 2026”