John Healey: “But Britain and our allies can face up to these challenges together.”

It's a sign of resilience in the UK economy that some had not expected

People recognise these times that are tough for everyone, and what they do expect of a government is to manage with the budgets we've got, deliver the public services they need, and that's the challenge.

I want the budget to be a budget that gives Britain a bit of breathing space – but also reinforces the strength of our fiscal plans and the strength of our resilience and our economy for the future.

We are determined to drive good growth in every postcode, provide some breathing space for today, and fresh hope for the future.