Chancellor Rishi Sunak

The UK's Chancellor of the Exchequer, Rishi Sunak, has attempted to boost economic confidence by choosing a venue for his first major speech that coincided with the global turbulence against which the country needs more resilience.

Healey acknowledged that borrowing costs are too high and that the global rise in bond yields is like a boa constrictor squeezing the Budget maths, slowly and relentlessly.

The chancellor's message was clear: The new leadership is trying to maintain both confidence and the promotion of economic animal spirits.

The chancellor may have thought about shifting the venue of his first major speech this morning.

It was an absolute and total coincidence that he chose to make it in the Coventry Manufacturing and Technology Centre (MTC), just a few minutes' drive from the city's totemic HQ of Jaguar Land Rover (JLR).

In the event, no one was pulling punches. The 4,000 office-based job losses at JLR were confirmed as John Healey answered questions a few miles away.

Healey chose to lean into it as an example of the global turbulence against which the UK needs more resilience.

The difference between this chancellor and his predecessor was he also feels that stressing fiscal discipline should instil confidence in consumers, businesses and investors, and not sap it away amid rolling fears of tax hikes.

So the prime minister and his chancellor have been engaged in a conscious attempt to boost the economic vibes -