British Treasury chief John Healey faces a fine balancing act when he delivers his first budget statement Wednesday, with the economic backdrop made more difficult as a result of the turmoil caused by the Iran war.

Healey, who was appointed chancellor of the exchequer in July when Andy Burnham became prime minister, takes center stage when he stands up in the House of Commons in what is arguably the key set piece of the parliamentary calendar. He emerged with his famous ceremonial red budget briefcase and his Treasury team from his office at 11 Downing Street a little more than an hour before he is due to deliver his speech.