John Healey has said he is “burning with a passion” for the Treasury as he addressed staff for the first time since being appointed Chancellor by Andy Burnham on Monday.

Mr Healey returns to the department nearly two decades since he last served as a minister in the department.

He listed his five priorities, as fiscal discipline, growth in every postcode, backing Britain in procurement, wealth creation and the cost of living.

Mr Healey promised fiscal control would be his “first duty”, as he said it would be the “bedrock of economic stability”.

Labour would usher in a “new era of devolution and public control”, he told civil servants in the department’s building in Whitehall, as he promised “principles not political buzzwords”.

Defence stocks were higher in the UK on Tuesday, following Mr Healey’s appointment.

John Healey took his seat back at the Cabinet top table this morning, just weeks after he dramatically quit as Defence Secretary. In an extraordinary attack on his predecessor Rachel Reeves and Mr Starmer, he accused the Treasury of failing to provide the funds needed to defend the nation. He is now in charge of that department, while Wes Streeting - who also quit last month in protest over Mr Starmer 's leadership- takes on his old job.

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