As a result of the increase in expenditure permitted under the National Safeguard Clause, the deficit will rise to 3.4 per cent in 2027, thereby halting the decline in the deficit that began in 2021.

The government has launched the Dpfp with two measures offering some relief: the release of G7 oil reserves and the activation of the NEC. But the crises in Paris and Madrid are putting us at risk; we need the markets’ confidence.