John Healey: “Moves money and power out of Westminster, into every postcode around Britain”

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.

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.

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.

Whether it is the cost of business or the cost of living, the only way we deal with these in the long term is growth.