John Healey: “This is the way we start to build new hope and advance the working people of this country.”

“We’ve written to the cabinet to say that if we’re serious about new priorities as a second-stage Labour government we have to be serious about – and they have to be serious about – reprioritisation of their plans, their budgets,”

I am confident Labour can honour a commitment to increase defence spending and make the decisions that allow us to set out a long-term plan to make our forces better equipped to fight and to deter the threats we face.

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

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.