We’ve just been analysing reports on UK Labour’s shadow business secretary, and we’re interested in the question about Labour’s U-turn on its plan to spend up to £28bn a year on the green transition.

Jonathan Reynolds insisted there is “still a huge level of ambition in Labour’s plans”, and said the party has “had to respond to an underlying change in economic conditions”.

He went on: “This figure had come to dominate the argument, rather than what it is about achieving.”

When the pledge was first made in 2021, he said, interest rates were very low, but since the Truss mini-budget, the cost of borrowing has skyrocketed, forcing changes.

“This is the most ambitious agenda still of any party that’s been in opposition,” he said.

Presenter Wilfred Frost put to Mr Reynolds that interest rates started rising 18 months ago, yet earlier this week, Sir Keir Starmer was still out selling the plan.

He replied that the decision to scale back the plan has been made now because policies are being finalised as the election approaches, and also blamed the government for leaving little fiscal headroom.

The shadow minister insisted Labour remains just as ambitious in dealing with climate change, said there are “constraints” that can’t be avoided.