John Healey: “the UK's defence investment plan "falls well short of what is required for defence and the country at this dangerous…”

It will be built on fiscal discipline. It will meet our fiscal rules. It’ll give businesses and families some of the stability they need to plan for the future. Now, let’s get on with the job."

Being frank, we can’t completely stop the squeeze that families and businesses will feel with a global shock of this scale.

As the new chancellor, John Healey, weighs the price of energy support for struggling households, however, he will have to contend with higher borrowing costs.

What we can do is be an active, hands-on Government that puts British interests first – giving breathing space to those feeling financial strain and making our country more resilient so we can better weather these shocks in the future.