John Healey named UK’s new finance minister

Investing.com -- Former British defence minister John Healey has been appointed as finance minister by new Prime Minister Andy Burnham, the government announced on Monday.

Healey, 66, left Keir Starmer's government last month after criticizing the former prime minister for insufficient military investment, stating the country was "well short" of what it needed for protection in a dangerous world.

The Labour veteran was not viewed as a leading candidate for the finance position. Shabana Mahmood, the Home Secretary, and Ed Miliband, the energy secretary, were considered favorites for the role.

Healey previously worked as a junior minister in the Treasury department from 2002 to 2007. He will now be responsible for helping Burnham secure additional funding for defence spending.

Healey's resignation as Starmer's defense secretary over military funding was a decisive blow to the former prime minister's ability to remain in office.

Burnham was appointed Prime Minister by King Charles III earlier on Monday.

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