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The MOD is keen to use this opportunity to reach out to all the members of our defence industry, from large defence suppliers to the smallest SME, and are interested to hear the views of non-traditional suppliers.

There will be no immediate change. The UK will remain a member of the EU until its exit and so continues to pay into the EU and continues to receive funds. The UK will continue to have all of the rights, obligations and benefits that membership brings, up until the point we leave the EU.

Today’s announcement represents a crucial step in the formation of the NIC. Providing a clear remit and a long-term funding guideline for British infrastructure will help this country plan for the long term and deliver the systems and networks we need to compete.

£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.

I know how much business values certainty and stability, and so I confirm today that we will stick to the business tax roadmap we set out in March.