Former Bank of England governor Mark Carney endorses Rachel Reeves – as it happened

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Reeves says Labour to carry out its own inquiry into what went wrong with HS2 before election

In her conference speech Rachel Reeves said Labour will carry out its own inquiry into what went wrong with HS2 before the election. She said:

If I were in the Treasury, I would have been on the phone to the chief executive of HS2 non-stop; demanding answers – and solutions – on behalf of taxpayers, businesses and commuters.

But with this government, it has become a pattern.

When it comes to getting things built and projects delivered, Britain has become the sick man of Europe; with HS2 coming in at 10 times the cost of the French equivalent.

And that is why our shadow transport secretary, Louise Haigh, will commission an independent expert inquiry into HS2 to learn lessons for the future.

Because many more major government capital projects are running over time, over budget and in danger of going undelivered.

Updated at 08.45 EDT

What Mark Carney said about Rachel Reeves

Here is the full text of what Mark Carney said about Rachel Reeves in the short video shown to the Labour conference after she delivered her speech.

Rachel Reeves is a serious economist.

She began her career at the Bank of England, so she understands the big picture.

But crucially, she understands the economics of work, of place and family.

And, look, it is beyond time we put her energy and ideas into action.

At a post-speech briefing, the spokesperson for Reeves said she was proud, as a former employee of the Bank, to have a former governor give a message like this. The spokesperson said he did not accept that a message like this meant the Bank was being politicised.

Updated at 08.49 EDT

Former Bank of England governor Mark Carney endorses Rachel Reeves

At the conference Labour has just shown a short video of Mark Carney, the former Bank of England governor, giving an endorsement to Rachel Reeves.

UPDATE: From ITV’s Robert Peston

Updated at 07.50 EDT

Reeves says Labour would increase stamp duty for foreigners buying homes in UK

Reeves says Labour would increase stamp duty for people from overseas buying property.

She says it would use the revenue to fund housebuilding.

UPDATE: Reeves said:

It is not right that, while so many people are struggling, many homes are bought by overseas buyers, who may own a property but leave it vacant; driving up prices, while families and young people are desperate to get on to the housing ladder.

So because, one year ago, Keir Starmer set out the ambition for the next Labour government to make 70 percent of British households homeowners; because a house should be a home not an asset; and because, conference, it is time we built the homes our young people need; we will raise the stamp duty surcharge on overseas buyers to get Britain building.

See 2.05pm for more detail.

Rachel Reeves addressing the Labour conference. Photograph: Peter Byrne/PA

Updated at 09.06 EDT

Reeves says Labour would slash use of private jets by ministers

Reeves says Labour would slash the use of private jets by ministers.

This proposal was briefed to the Daily Mirror this morning, which wrote it up here.

Today I can announce three further fronts in Labour’s war on waste.

First, we will crack down on Tory ministers’ private jet habit.

What is Rishi Sunak so scared of up there in his private jet?

Meeting a voter?

We will enforce the ministerial code on the use of private planes and save millions of pounds for taxpayers in the process.

Updated at 08.51 EDT

Reeves says Labour would legislate so OBR has to issue forecasts for any significant tax change proposals

Reeves says the exhaustion of Tory ideas does not give Labour the freedom to push through ideas that are “detached from our present economic reality”.

Working people will pay the price if financial discipline is abandoned, she says.

She recalls meeting people who have worked hard and who have done the right things, but whose dreams have been dashed by the Tory government.

She says the last Labour government gave the Bank of England independence. She worked there as an economist, she says. She says the next government will respect the Bank’s independence.

And she confirms Labour would pass a law saying governments making “permanent and significant tax and spending changes” have to get an assessment from the Office for Budget Responsibility.

This would stop a repeat of what happened when Liz Truss announced the mini-budget, she says.

Updated at 08.01 EDT

Reeves says Labour will restore economic credibility after ‘wreckage of Tory misrule’

Rachel Reeves starts by saying, out of the “wreckage of Tory misrule”, Labour will restore economic credibility.

I make this commitment to you, and to the country:

Out of the wreckage of Tory misrule, Labour will restore our economic stability;

We will lift living standards.

Make work pay.

Rebuild our public services.

Invest in homegrown industries in every corner of our country.

And together, we will get Britain its future back.

Labour will restore economic credibility from ‘Tory misrule’, says Rachel Reeves – video

Updated at 09.59 EDT

Mary Portas introduces Rachel Reeves, saying she can be first female chancellor in 800 years

Rachel Reeves, the shadow chancellor, is about to speak. She is being introduced by Mary Portas, the retailer and broadcaster.

Portas says, if Labour wins the election, Reeves will be the first female chancellor in 800 years.

She says Reeves understands the need for a long-term partnership with business.

She says she also cares passionately about high streets. She is frustrated by what has happened to them during the last 13 years of the Tory government.

She says Labour would address this. And its plan to replace business rates with a fairer system would help, she says.

Updated at 08.03 EDT

Labour’s Defra team vows to get tough on pollution and protect farmers

Labour’s new environment team says it will take on big businesses and supermarkets in order to halt pollution and stop farmers from being ripped off if it wins the next election, Helena Horton reports.

‘Greatest risk’ to UK defence is five more years of Tory government, John Healey says

A Labour government would continue to support Ukraine, John Healey, the shadow defence secretary, told the conference. He said:

From this conference, let Putin be in no doubt, there may be a change to Labour next year, but there will be no change to Britain’s resolve to stand with Ukraine, to confront Russian aggression, and to pursue Putin for his war crimes.

Healey said Labour would “accelerate” the promised £2bn armed forces spending made by the government to “re-arm Britain, resupply Ukraine, and boost British industry”.

He also claimed the Tories were more likely to put UK defence at risk. He said:

As Ben Wallace said himself, our armed forces have been “hollowed out and underfunded” by the Tories.

In 13 years, they’ve:

• Cut the army to its smallest since Napoleon.

• Scrapped one in five Royal Navy ships.

• Taken 200 aircraft out of RAF service.

In 13 years, they’ve:

• Left forces families living in damp housing and let morale fall to record lows.

In 13 years, they’ve:

• Failed to fix the ‘broken’ defence procurement system – wasting billions and too often creating jobs abroad, not building in Britain.

The greatest risk to UK defence is another five years of the Conservatives.

John Healey addressing the conference. Photograph: Paul Ellis/AFP/Getty Images

Updated at 08.05 EDT