Starmer says that Labour wants to build a "fairer, greener, more dynamic country" with an economy "that works for everyone, not just those at the top".

"Britain needs both, and with Labour, Britain will get both," he adds.

Starmer says now Labour has made changes on antisemitism, on national security and Nato, and the party now has to build on that.

"But our task for 2023 is not to rest on our laurels," he says, adding they will prove they can be a "bold, reforming government".

Image source, PA Media

Sir Keir starts by saying it's a new year and Britain needs to change.

He says the British people are turning to Labour for that change, and that in 2022 the party could "return their gaze with confidence" for the first time in a while.

Keir Starmer is now on his feet and is about to deliver his first speech of the year.

Stay with us for the latest updates, or watch live by pressing the play button at the top of this page.

Rachel Reeves starts with a joke that there's only been one chancellor so far this year.

But she says she's under no illusions of the scale of the challenges.

She adds that Starmer is going to set out how Labour will face them.

Shadow chancellor Rachel Reeves is making some introductory remarks at the UCL Here East tech campus in Stratford, east London, where Starmer will be giving his speech in front of what looks like some large robotic machinery.

We're expecting the Labour leader to set out how the party plans to deliver a "decade of renewal" if elected.

Stay with us for live updates.

Leila Nathoo
Political correspondent

Having been pipped to setting out a vision for the new year by the prime minister yesterday, Keir Starmer will deliver a big picture speech. He wants to start sketching out what the country would look like under his leadership.

Looking ahead to the next general election – now just in sight in under two years – he’ll promise a ‘decade of national renewal’ if Labour wins.

A key theme will be reassuring any doubters that the public finances will be safe under Labour and the party can be trusted with the economy.

So we’ll hear there will be no ‘big government chequebook’, that more and more public spending isn’t the only answer to all the country’s problems and there’ll be plenty of praise for the private sector.

He’ll also focus on devolution and his aim to divert more power away from Westminster.

This speech is designed to reach voters now sceptical of the Conservatives but who are yet to be persuaded that Labour are the ones to take over.

Shadow chancellor Rachel Reeves says an incoming Labour government will face a “tough inheritance” but “the cavalry is coming”.

Speaking to the BBC ahead of Sir Keir's speech, she said while much of what the party wants to do requires money, it also needs reform of public services.

She pointed to Labour's plan to reform so-called 'non-dom' tax rules and use the money to fund NHS expansion, saying “when we can say where the money’s going to come from we can make those commitments to public services”.

Emphasising the need for the government to work with the private sector, Reeves gave the example of energy security and the transition to renewable energy as an area where collaboration is essential.

Image source, PA Media

Image source, Getty Images

We already have some idea of what Keir Starmer will cover in his first speech of 2023.

First off, the Labour leader will focus on how the party will bring in "a decade of renewal" if elected.

He will also set out plans to reform the NHS, invest in renewable energy, and how Labour will support the private sector.

He will add that Labour "won't be able to spend our way out" of the "mess" left by Tories, telling the public that the party won't be "getting its big government chequebook out again".

Ahead of Keir Starmer's speech, which begins shortly, the Conservatives have already begun panning it.

The party is calling it a "desperate relaunch" for Labour, which they say won't address people's priorities.

Yesterday, in response to Rishi Sunak's five pledges to the public, Labour said they were all things that were happening anyway, were easily achievable or "aimed at fixing problems of the Tories' own making".

Image source, Getty Images

Before Keir Starmer takes to the podium, let's recap what Prime Minister Rishi Sunak said in his new year speech on Wednesday.

Sunak's focused on the government's five key aims for the year ahead - and urged the public to hold him to account if NHS waiting lists in England do not fall in two years.

He also pledged to halve inflation this year to ease the cost of living, ensure national debt is falling, and to pass new laws to stop small boat crossings.

He added that there would be "no tricks... no ambiguity" to make those changes happen.

Read the full details here.

Chris Mason
Political editor

The Labour leader will be making his case from Stratford in east London, the very place Rishi Sunak took us for his speech yesterday.

Both men are each grappling to be seen as the most competent and inspiring manager of a rather bleak era.

Chris Mason
Political editor

Labour strategists conclude a general election this year is highly unlikely and so now is not the time for them to be unveiling lots of shiny new policies.

The shinier the policy, the more tempting it might be for the government to nick it.

So instead, we will hear a broader vision of how they claim they would govern better.

There'll be more talk about pushing power away from Westminster with Sir Keir as prime minister, and more talk about there not being a splurge of spending.

Labour won't be "getting its big government chequebook out again", as he'll put it.

Sir Keir hopes this can help reassure former Conservative voters that they can trust Labour with the economy, but some on the left might ponder what the point of a Labour government is that isn't willing to spend more money.

The day after Rishi Sunak set out his political plans for the nation, today it's Keir Starmer's turn.

We'll be bringing you coverage as we hear the Labour leader's vision for the year, and the next general election battleground.

He is expected to say in a speech in east London that the country needs hope and a sense of possibility again, promising a decade of national renewal.

But Starmer is also to stress that if elected the party would not get the big government chequebook out, emphasising the need for a strong private sector that creates wealth.