John Healey: “Both he and the Prime Minister were 'in lockstep in our determination to meet the fiscal rules”

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.

My observation on the banks is that people too often see them as big, distant financial institutions, when they are hardwired into the economic fabric of this country and our future prospects.

But Britain’s economy is showing strong international resilience in the face of these challenges: we’re forecast to be the joint second fastest-growing G7 nation in 2026 and have the lowest deficit in the G7 by 2031.

I want the budget to be a budget that gives Britain a bit of breathing space – but also reinforces the strength of our fiscal plans and the strength of our resilience and our economy for the future.