Labour wants to stand for "economic competence" while ensuring the poorest do not bear the brunt of cuts, according to new shadow chancellor John McDonnell.
Newly-elected Labour leader Jeremy Corbyn had campaigned on an anti-austerity message, he said, and they want to remain true to that.
He accused the Conservatives - and Chancellor George Osborne in particular - of "unfairly" targeting low- and middle-earners with their current programme of cost-cutting.
It hasn't started well for Jeremy Corbyn, writes Carl Dinnen - but he has the advantage of expectations starting off extremely low.
Newly-elected Labour leader Jeremy Corbyn has finalised his shadow cabinet - so who has made the cut?
Shadow Business Secretary Chuka Umunna has left the Shadow Cabinet by mutual agreement, the MP has confirmed.