The plan includes specific action points for the new Chancellor Rishi Sunak, including: working with business groups and trade unions to assess impact and needs; planning requirements for resources across government departments; making strategic interventions in the economy; ensuring protection for workers, such as sick pay; and working with international bodies and ministers of finance.

John McDonnell MP said: “The new Chancellor is missing in action at a time of great uncertainty. We need an action plan to manage possible economic consequences, and that plan has to be implemented rapidly. I’ve therefore set out a series of recommendations for action today to ensure we are ready for a range of possible economic outcomes in the coming days and weeks.”