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Some of them calling for fiscal expansion; while others have suggested there is no need at all to respond to a changed economic outlook.

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.

After heavy rain over the last three days and showers forecast today, people in the south west and north east need to be aware of the potential for further flooding. The weather is due to improve later this week, but we want to remind people not to risk driving through flood water, walking near large waves or near swollen rivers.

The government has also introduced 15 hours a week of free childcare for all 3 and 4 year olds, and we will double that for working families from September.

My Right Honourable Friend, the Communities Secretary will bring forward a Housing White Paper in due course, addressing these long-term challenges.