John Healey Pledges New Age of Industrialisation via Shipbuilding
Chancellor John Healey announced multi-billion pound investments in UK shipbuilding and a new marine research vessel to drive domestic industrial growth.
Chancellor of the Exchequer John Healey pledged a "new age of industrialisation" during his first speech at the Labour Party conference in Liverpool on September 28, 2026. He announced multi-billion pound investments in British shipbuilding, including the procurement of three new floating docks for the Royal Navy's submarine service at HM Naval Base Clyde. This initiative, titled Programme Euston, is part of a broader £15 billion shipyard upgrade programme and will be awarded through a competition restricted to UK bidders to prioritize national security and sovereign industry.
Healey also committed £115 million for a new marine research vessel, expected to be operational in the early 2030s, to replace an aging ship and support sustainable fishing and ocean research. Defence Secretary Wes Streeting stated that these investments would modernize the submarine service and drive the reindustrialisation of Britain by prioritizing domestic industry.
Shadow Chancellor Andrew Griffith criticized the plans as "reheated announcements," alleging a £4.7 billion funding gap in the defence investment plan. Griffith claimed the government has failed to meet its 3% defence spending target and is avoiding the tough choices necessary to fund national security.
