John Healey is set to deliver his first major speech as Chancellor later today, outlining plans to boost regional growth while maintaining fiscal discipline.

He is expected to announce a £150 million fund for firms in the North of England, alongside initiatives to attract private investment through public finance institutions nationwide.

"The prime minister laid out a clear diagnosis of what has gone wrong in the past," Healey says in excerpts from the speech provided by his office. "The solution is a fundamental shift that starts with putting power in the right places."

The speech comes as European bonds continue to fall and oil prices rise, adding pressure to the UK's economic outlook.