John Healey: “The people who best understand what skills employers want, what transport an area needs and where investment can make…”

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.

If I respond to speculation now, that will only fuel more speculation, and it's quite right.

Since 2022, we have been paying that Truss penalty as we battle to re-establish belief in Britain and the UK’s fiscal sustainability.

5% represented a 'reasonable ceiling' on the tax.