Rishi Sunak’s spring statement speech in full

Mr Speaker,

As I stand here, men, women and children are huddled in basements across Ukraine seeking protection. Soldiers and citizens alike have taken up arms to defend their land and families. The sorrow we feel for their suffering, and admiration for their bravery is only matched by the gratitude we feel for the security in which we live.

And what underpins that security is the strength of our economy. It gives us the ability to fund the armed forces we need to maintain our liberty. The resources we need to support our allies. The power to impose sanctions which cause severe economic costs. And the flexibility to support businesses and individuals through crises as they emerge

But Mr Speaker, we should be in no doubt, behind Putin’s invasion is a dangerous calculation: That democracies are divided, politically weak, and economically insecure. Incapable of making tough long-term decisions to strengthen our economies.