John Healey appointed UK Chancellor of the Exchequer after surprise resignation

John Healey, a veteran Labour MP, was unexpectedly appointed Chancellor of the Exchequer following Andy Burnham's decision. He previously resigned as defence secretary in June, criticizing the government's defence investment plan and Treasury chief Rachel Reeves for being "unwilling" to commit needed resources. Now in the Treasury, he faces the challenge of raising defence spending to 3% of national income while controlling borrowing costs and the cost of living.