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£102 million will go to more than 100 projects supporting armed forces personnel, their families and veterans; emergency service personnel; children’s hospitals, air ambulances and emergency responders; and museums and memorials, over the next 4 years.

This is a tax cut worth £850 million next year, and means the current fuel duty freeze is the longest for 40 years. Mr Speaker, I have one further announcement to make.

Stripping out the effects of the Bank of England interventions, underlying debt peaks this year at 82.4% of GDP and falls thereafter to 77.7% by 2021-22.

We recognise that many organisations across the UK which are in receipt of EU funding, or expect to start receiving funding, want reassurance about the flow of funding they will receive. That is why we are confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding granted before we leave the EU will be guaranteed by the Treasury after we leave. Thousands of British organisations have received guarantees over EU funding from the Chancellor.

Our Midlands Engine strategy will follow shortly, but I am today providing funding for the evaluation study for the Midlands Rail hub.