Defence shares increased in value in London on Tuesday after the former defence secretary was appointed as Britain's new Chancellor. Former defence secretary John Healey has been named the new Chancellor (Lucy North/PA)Last month, Mr Healey resigned as defence secretary from Sir Keir Starmer's government after accusing the former prime minister and chancellor, Rachel Reeves, of putting the country's security at risk, with its long-awaited defence investment plan. The plan – which was announced late last month – saw the previous prime minister promise to increase defence spending by £15 billion. Mr Burnham is widely expected to commit to further defence spending in a bid to reach this international target. But Mr Burnham's Government is understood to not be looking at this as a solution to pay for higher defence spending.