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Scotland is also benefiting with more than £3.3 million of LIBOR funding raised from fines levied on banks being distributed to good causes.

In October, my Right Honourable Friend, the Communities Secretary launched the £3 billion Home Builders’ Fund, to unlock over 200,000 homes and up to £2 billion to accelerate construction on public sector land.

We know that local people and other road users will be delighted that work to resolve this long-running problem will get underway this month.

Today I can announce the National Living Wage will increase from £7.20 to £7.50 in April next year. That’s a pay rise worth over £500 a year to a full-time worker.

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.