John Healey: “The Treasury said no in the end.”

But it also threatens our economic security: impacting the family finances of millions of British people.

This is an active, hands-on government, putting British interests first – giving breathing space to those feeling the strain, making our country more resilient and bringing hope back.

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.