John Healey: “5% represented a 'reasonable ceiling' on the tax.”

This is not sentimentality, it’s supply side economics.

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.

I want people to feel confident about Britain and our future.

Fiscal discipline is the bedrock of our UK economic stability and national security, which is why we are committed to meeting our fiscal rules, with a buffer against global uncertainties.