John Healey: “Our adversaries do not follow timetables set by the Treasury.”

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

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

I want everyone from apprentices, IT staff and junior officials to senior economists and private secretaries to contribute to the exercise.

But no country can face these pressures alone. And these shocks are being felt worldwide. They’ve been felt in people’s pockets, in their weekly shops, filling up their cars.