Chancellor Healey Pledges 'New Industrial Age' Amidst Wealthy Exodus

Chancellor John Healey is set to announce a renewed focus on British industry, pledging a "new age of industrialisation" during his address at the Labour conference in Liverpool. The plan includes new support for British shipyards, such as commissioning a marine research vessel and establishing floating docks at a Clyde submarine base.

Healey plans to highlight investments in advanced manufacturing, pointing to a new park on the site of the former Orgreave coal mine in South Yorkshire as an example of remaking Britain's industrial past for the modern era. "Our coal mines are not coming back," he is expected to say, "but this is how Britain's industrial past is being remade now for the modern world. This is the new age of industrialisation."

Healey's announcement comes as the UK faces the departure of several high-profile wealthy individuals. Financier Sir Peter Lampl has confirmed his move to the US, citing London's traffic and what he described as Labour's anti-car policies. Sir Peter, founder of the Sutton Trust, expressed frustration with low-traffic neighborhoods and bike lanes, stating that getting around central London had become excessively slow.

Earlier in September, it was reported that Chris Rokos, founder of Rokos Capital Management and a significant UK taxpayer, is planning to relocate to Greece. Healey has acknowledged the need to address the departure of wealthy individuals, hinting at a potential increase in the capital gains tax rate, which he noted is currently lower in the UK than in other European G7 nations.

Conservative lawmakers have criticized Healey's shipbuilding proposals, characterizing them as a rehash of previous announcements and urging a commitment to increasing defense spending to 3% of GDP by 2030. They pointed to a reported black hole in the defense investment plan and Healey's past criticisms of Labour's defense funding when he was in opposition.