Rachel Reeves: “Yes, because most defence spending is capital investment, whether you’re building new ships, investing in munitions.”

Governing Britain is never easy.

Radical change is only possible if it comes with credibility. That is my mission as Chancellor. That is the mission of this government, and I know it will remain the mission of the next.

I wish the very best of luck to my successor, Andy and his cabinet. You have my full support, and I will continue to play my part in helping this Labour government deliver the change the country needs.

I think that we need to be much bolder and go much further moving towards a trusted economic and security partnership, where the default is the UK is included not excluded.