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LIBOR fines are collected from banks who break banking rules, and are given directly to causes benefitting armed forces and emergency services charities.

We were also asked to provide an indicative rate for the National Living Wage from April 2018. This is inevitably uncertain because pay forecasts are likely to change, but using those available in October we project that the on-course rate will lie in a range of £7.80-£7.91. Using its forecasts published today, the OBR estimates a figure of £7.90. For 2020, the LPC’s projected rate for 60 per cent of median earnings is £8.61, within a range of £8.50 to £8.73. Using its forecasts published today, the OBR estimates a slightly higher figure, of £8.80.

We estimate that the £7.50 rate will raise coverage - the number of workers paid at or below the NLW - by up to 390,000, from 1.6 million jobs (6.7 per cent of the cohort) in April 2016 to up to 2.0 million (8.3 per cent) in April 2017. Looking at progress towards the 60 per cent target, we estimate that the £7.50 rate will represent an increase in the relative value of the NLW for workers aged 25 and over of 1.1 percentage points, up from 55.8 per cent of the value of typical earnings (October 2016) to 56.8 per cent (October 2017).

Boaters will be able to register their arrival (a condition of use) online or by phone at any time of day, and pay any fees using a debit or credit card, or through Paypal. At present, they must register their arrival with the duty lock keeper, who can also take cash payments for any fees due. This can cause problems however if the lock keeper is off-duty, working off-site, busy with other duties, or if the boater doesn’t have any cash to hand.

It is a privilege to report today on an economy which the IMF predicts will be the fastest growing major advanced economy in the world this year.