John Healey: “We must cut the cost of welfare, we have to get more people back into work.”

I think in recent decades, and this is true in Heathrow and airports right across the UK, that they have been a big part of jobs and growth. And the case for a third runway at Heathrow has always been a case for growth.

Despite conflicts in the Middle East and Europe hitting people across the world, today's figures offer more proof of Britain's resilience in the face of these global shocks.

We are determined to drive good growth in every postcode, provide some breathing space for today, and fresh hope for the future.

We will meet those fiscal rules, and I think one of the hallmarks of the IMF’s backing of our fiscal plans is recognition that there isn’t just a forecast for the future, but there’s some evidence of performance already.