John Healey: “At the spending review, we will set out a clear path to meeting our 3.5 per cent Nato commitment in 2035 and we will set…”

I want to see wealth creation in this country. I want to see businesses make a profit… (and) we need an active, accountable state at all levels to remove blockages and create the conditions for more investment.

The prime minister has said, like I have, that we must bring down welfare costs, but we are also responding to the extreme pressure that is there in wider markets.

Let me be clear. I recognise that the cost of business – that’s energy bills, regulation burdens, planning constraints, labour costs – have grown since Covid. And I want to draw the line.

And every chancellor would say that’s for the budget, and I’ll set out my plans and the future route for government for this country at that budget.