John Healey: “Together, we will build a new economy, build new hope and advance the working people of this country.”

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

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 this country as a country of wealth creation. I want our government decisions and policies to raise the levels of confidence, and investment, and profit in British business.

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.