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John Healey promises a 'new age of industrialisation' - But what could it mean for Scotland? 29th September 2026 Chancellor John Healey used his first Labour Party conference speech as Chancellor to set out an ambition for what he called a "new age of industrialisation", with government spending, defence and British manufacturing placed at the centre of his economic strategy. For Scotland, there was an important announcement. The Government is to launch a UK-only competition to build three new floating docks for the Royal Navy's submarine service at HM Naval Base Clyde. The facilities are intended to provide maintenance, inspections, upgrades and repairs for Britain's current and future nuclear submarines. The Government says the project will support British shipbuilding and skilled employment for decades. The Chancellor also announced £115 million towards a new marine research vessel, which is expected to enter service in the early 2030s. The Government says the vessel will support marine research, sustainable fishing and the long-term health of coastal communities. These announcements were part of a wider argument from Healey that government procurement should be used to support British industry rather than simply buying wherever something is cheapest. That approach was reinforced by another announcement on Monday. UK Export Finance is introducing a pilot worth up to £5 billion to provide more flexible finance to overseas buyers purchasing British goods and services. The Government says the aim is to help British exporters win business in growing markets and bring jobs and investment back to the UK. There was also a significant announcement on apprenticeships. Mayoral areas will receive £100 million to establish a new Local Apprenticeship Service. The idea is to have teams actively connecting young people with businesses offering apprenticeships, including young people who might otherwise never have been offered one. Healey described the teams as operating rather like football scouts looking for new talent. Rolls-Royce also announced £300 million of investment across its UK manufacturing and engineering facilities, including £43 million at Inchinnan in Glasgow. The company says the investment will strengthen advanced manufacturing and support future aerospace and defence work. For Scotland, therefore, the speech was about more than political rhetoric. There are actual industrial and procurement decisions attached to it. But there is a much bigger question. Can this new industrial strategy reach places that have lost their traditional economic base? That is particularly relevant to areas such as Caithness. The Government is clearly thinking about how large national investments can create supply chains, apprenticeships and skilled employment across the country. The challenge for rural areas is making sure that those supply chains do not simply concentrate around the existing industrial centres. Caithness has considerable experience of technical employment through Dounreay, the energy sector and engineering. It also has potential connections to future energy, environmental science, digital technology and specialist technical services. The question is whether the new industrial policy can be used to create long-term employment in more remote parts of Britain, rather than simply strengthening the places that already have major industrial concentrations. That matters because of the discussion taking place about Wick's future. A town centre cannot be regenerated simply by improving its paving. It needs people, households, jobs and spending. Healey's speech was therefore interesting from a Caithness perspective because it puts long-term jobs and industrial investment back into the centre of economic policy. The Chancellor also promised that his first Budget next month would maintain fiscal discipline while providing what he described as "breathing space" and promoting growth and jobs in more places. The details of the Budget on 28 October will matter much more than the conference speeches. For Caithness, perhaps the question to watch is not simply how much money the Government spends. It is where that money creates jobs. If Britain really is entering a new age of industrialisation, there is an opportunity to ask whether rural Scotland should simply watch from the sidelines or become part of the long-term investment strategy. The answer could have much more to do with the future of places such as Wick than another town-centre consultation. Discover more Business Operations Travel Guides & Travelogues

Rolls-Royce pledges £43m Glasgow factory investment. By Paul Trainer 29 September 2026 Rolls-Royce is to invest £43 million in its manufacturing operation near Glasgow as the engineering giant brings production of new aircraft engine components to Scotland. The major investment will see new machinery installed at the company's Inchinnan factory, strengthening the Renfrewshire site's role in Rolls-Royce's global aerospace manufacturing operation. Rolls-Royce confirmed the Scottish investment as part of a £300 million programme across its UK manufacturing and engineering facilities. The company said the new equipment at Inchinnan would allow previously unannounced new engine components to be manufactured at the site. Inchinnan is already one of Rolls-Royce's major UK manufacturing locations and specialises in compressor blade production for aero engines. The company has previously invested around £60 million in manufacturing facilities at the site. The latest commitment represents another significant vote of confidence in advanced manufacturing in the Glasgow city region. Rolls-Royce chief executive Tufan Erginbilgic said the company's UK manufacturing sites were home to some of Britain's leading engineering talent. He said: "This £300 million investment is a clear statement of our intent. Rolls-Royce is committed to growing the UK's advanced manufacturing sector and we are proud to be building infrastructure needed to power Britain's future." He added that investment in facilities across the country would help the company remain a major player in commercial aviation and defence while supporting skilled employment and its wider supply chain. The £43 million Inchinnan programme sits alongside more than £140 million being invested in Rolls-Royce's civil aerospace operation in Derby and more than £90 million at its defence site in Bristol. Another £19 million is being spent at the company's Advanced Blade Casting Facility in Rotherham, where Rolls-Royce plans to double production of advanced turbine blades by 2030, while £5 million is being invested in machinery at Ansty in Warwickshire. Chancellor John Healey said the overall investment would support skilled jobs and Britain's industrial capacity. He said: "From Derby and Bristol to Rotherham, Glasgow and Warwickshire, it will back skilled jobs, strengthen our sovereign industrial capability, and help drive growth in communities across the United Kingdom." Rolls-Royce says it has invested more than £3 billion in the UK since beginning its transformation programme in 2023, covering research and development, engineering projects and upgrades to manufacturing facilities. The company also spent more than £2.8 billion with UK suppliers during 2025, with most of that expenditure going to businesses outside London and the south-east of England. The Inchinnan announcement adds to Rolls-Royce's growing footprint in the west of Scotland. In 2024, its submarines division opened an office at Glasgow Airport Business Park, creating 120 specialist roles in areas including electrical controls, instrumentation and cyber security. The operation supports Britain's Dreadnought submarine programme and work linked to the AUKUS defence partnership. Rolls-Royce has also developed a long-standing Scottish supply chain. Glasgow-based Castle Precision Engineering was awarded an £85 million contract in 2024 to manufacture precision-machined rotating components for Rolls-Royce aero engines. The latest investment means Inchinnan will now take on additional manufacturing capability as Rolls-Royce prepares for increased demand from its aerospace and defence businesses.

Housebuilders star but weak miners limit progress. Published on 09/28/2026 at 12:06 pm EDT Alliance News (Alliance News) - Stocks in London closed mixed on Monday, with housebuilders the clear winners after the UK government unveiled a new equity loan programme for first-time buyers. In London, the FTSE 100 index ended down 10.37 points, 0.1%, at 10,684.88. The FTSE 250 rose 74.18 points, 0.3%, to 24,335.32, and the AIM all-share fell 3.00 points, 0.4%, at 783.36. The Cboe UK 100 ended up 0.1% at 1,063.75, the Cboe UK 250 ended 0.9% higher at 21,212.36, and the Cboe small companies firmed 1.3% at 19,005.90. Housebuilders dominated the risers list on London's stock market. On the FTSE 100, Barratt Redrow jumped 12%, while on the FTSE 250, MJ Gleeson, Persimmon, Bellway and Taylor Wimpey rose 20%, 15%, 10% and 12% respectively. Stocks likely to benefit from a strong housing market rallied, with kitchen supplier Howden Joinery up 3.0% and home improvement retailer Kingfisher up 1.3%. Mortgage Advice Bureau rose 5.1%. The stellar gains came after the UK government's announcement on Saturday of 'Your First Home', a programme for England that will allow eligible first-time buyers to purchase a new-build property with a deposit of as little as 2.5%, alongside a government-backed equity loan worth up to 20% of the purchase price. Further details, including costs and implementation timelines, are expected when Chancellor John Healey presents the UK government budget on October 28. RBC Capital Markets analyst Anthony Codling commented: "We believe this is the big catalyst the sector as a whole needed for a re-rating, and whilst most of us have 88 sleeps to Christmas, Christmas has come early for the UK housebuilders." In European equities on Monday, the CAC 40 in Paris ended up slightly, while the DAX 40 in Frankfurt closed down 0.1%. It was a different picture on Wall Street. In New York, the Dow Jones Industrial Average was down 0.7% at the time of the closing bell in London. The S&P 500 was 0.8% lower, and the Nasdaq Composite declined 1.0%. Bucking the weaker market, Nvidia rose 2.2% after it authorised an increase in its current run of buybacks, which are due to be completed in 2028. The Santa Clara, California-based chipmaker has increased its share repurchase scheme by USD150 billion, boosting the programme's total value to USD235 billion. "This marks the largest share repurchase authorisation increase in history," Nvidia noted. Elsewhere, oil prices remained elevated after US President Donald Trump rejected Iran's offer of a seven-day truce. Instead, the Wall Street Journal reported over the weekend that President Trump told aides that he expects to resume bombing Iran after November's midterm elections. Complicating the picture further, Trump told Axios that US negotiators could be involved in further talks this week. Brent oil was quoted at USD107.60 a barrel in London on Monday at the time of the equity market close, up from USD106.21 late on Friday. Back in the UK, John Healey said the government plans to bring back hope through a "new age of industrialisation". With a month to go until he delivers his budget, the chancellor pledged to stick to the fiscal rules, adding that he hopes to "build a more resilient country" than the one left by the Conservatives. Healey announced GBP6 billion of new contracts for British shipyards, and said Rolls-Royce will invest GBP300 million in British factories in Derby, Bristol, Glasgow and Rotherham, in what he described as a "new age of industrialisation". The pound was quoted at USD1.3256 on Monday, up from USD1.3238 at the same time on Friday. Against the euro, sterling firmed to EUR1.1658 from EUR1.1616. The euro fell to USD1.1370 from USD1.1396. Against the yen, the dollar was trading at JPY157.44, up from JPY157.36. The yield on the US 10-year Treasury was quoted at 5.26%, stretched from 5.21%. The yield on the US 30-year Treasury was quoted at 5.57%, widened from 5.52%. On the FTSE 100, mining stocks fell back sharply amid lower metal prices. Fresnillo fell 5.1%, and Endeavour Mining shed 4.5%. On the FTSE 250, Hochschild Mining ebbed 7.2%. David Morrison, analyst at Trade Nation, explained that the problem for gold is that the US dollar continues to strengthen. "The dollar is enjoying a tailwind from the prospect of higher US interest rates and this looks unlikely to fade in the near term. The CME's FedWatch Tool now shows a 94% probability of at least one 25-basis point rate hike before year-end. At the same time, the dollar is the world's preferred 'flight to safety' financial instrument, so it looks likely to find support for as long as the US-Iran war continues," he added. Gold was quoted at USD4,123.33 an ounce, down from USD4,282.86. On the FTSE 250, Entain fell 5.1%, extending its recent miserable run, after it responded to Brazil introducing an immediate provisional ban on online sports betting and gaming. Isle of Man-based Entain, which owns the Ladbrokes and Coral brands, continues to expect underlying earnings before interest, tax, depreciation and amortisation of GBP910 million to GBP960 million in 2026 and an online underlying Ebitda margin of 21% to 22%, although it now expects both to be towards the lower end of their respective ranges. Entain said the South American country had been expected to contribute 5% of its global online net gaming revenue in 2026. However, the earnings contribution of that business was expected to be "modest", due to being a very competitive market. Elsewhere, Tribal Group climbed 19% after accepting an improved takeover offer from Main Capital. But Bodycote eased 3.1% as CVC Advisers said it does not intend to make an offer for the thermal processing firm. This leaves the path clear for a rival bid from Veritas Capital Fund Management, which Bodycote accepted at the start of this month. Among small-cap stocks, Checkit plummeted 22% after it ended a formal sale process after failing to strike a deal it felt able to recommend to shareholders. The Cambridge, England-based workflow management software provider said it had received a variety of approaches but had failed to reach agreement on any. Checkit said the process reinforced its view that it represents a strategically relevant platform in an attractive, consolidating market. The biggest risers on the FTSE 100 were Barratt Redrow, up 36.20p at 345.20p, Howden Joinery Group, up 23.00p at 782.00p, Airtel Africa, up 7.00p at 306.60p, JD Sports Fashion, up 1.68p at 79.18p and Admiral Group, up 56.00p at 3,674.00p. The biggest fallers on the FTSE 100 were Fresnillo, down 147.00p at 2,743.00p, Endeavour Mining, down 200.00p at 4,325.00p, Experian, down 93.00p at 2,517.00p, Pershing Square Holdings, down 92.00p at 3,630.00p and Polar Capital Technology Trust, down 15.00p at 684.00p. Tuesday's local corporate calendar has full-year results from merchant bank Close Brothers, and half-year results from Irn-Bru owner AG Barr and card retailer Card Factory. Tuesday's global economic calendar has the Australian interest rate decision overnight, followed by GDP figures in Canada, inflation and retail sales data in Spain and mortgage approvals numbers in the UK. By Jeremy Cutler, Alliance News reporter (C) Alliance News - 2026