John Healey: “Since 2022, we have been paying that Truss penalty as we battle to re-establish belief in Britain and the UK’s fiscal…”

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.

We simply can’t deal with the problems we face as a country by maxing out the country’s credit card.

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