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

We have cut VAT on electricity bills and capped bus fares at £2 - to give breathing space to those feeling the strain.

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

And so I’m here to work with international partner nations to deepen our economic resilience, to deliver good growth and also to give families and businesses just a bit of breathing space.

What’s happening in the Middle East is hitting inflation, it’s hitting growth, it’s hitting borrowing costs.