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There are different aspects to the Customs Union which is why it is important to look at the detail and get the answer right.

Insurance Premium Tax (IPT) will increase from 10% to 12%. IPT is a tax on insurers and it is up to them whether and how to pass on costs to customers.

The LPC is required to make recommendations on the pace of increase in the National Living Wage such that it reaches 60 per cent of typical earnings by 2020, subject to sustained economic growth. The key challenge this year has been uncertainty in relation to the economic outlook following the decision to leave the EU, and whether we needed to go more slowly than our previous intention of straight line increases in the relative value of the rate.

The Prime Minister and Secretary General Stoltenberg agreed that any EU defence proposals should be about strengthening structures within NATO rather than duplicating existing structures.

The OBR’s forecast of higher borrowing and slower asset sales, together with the temporary effect of the Bank of England’s action to stimulate growth, translates into an increased forecast for debt in the near-term.