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I therefore call upon all our stakeholders, particularly SMEs, to engage in the consultation over the next 6 weeks to help us to refine our policy to not only deliver the best equipment for defence at the best value for the tax payer, but to support an innovative, prosperous and internationally competitive defence industry.

In the absence of an effective framework, the welfare bill in our country spiralled out of control, with spending on working-age benefits trebling in real terms between 1980 and 2010.

New investment in research and development and changes to the corporation tax regime is designed to help business and boost productivity and innovation over the long term. The government remains committed to the devolution of corporation tax to the Executive so long as it demonstrates that its finances are on a sustainable footing.

This will be an increase of over £800 million for the Scottish Government, over £400 million for the Welsh Government and over £250 million for the Northern Ireland Executive.

That investment is only possible because the government is prepared to take the tough decisions to maintain control of current spending.