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The 4.2 per cent increase keeps the National Living Wage on course for the 2020 goal. The recommendation was a finely balanced decision. On the one hand, it is a significant increase at a time of average pay growth of around 2 per cent and should help protect low-paid workers from the higher inflation likely to result from the depreciation of sterling. On the other hand, it is lower than we previously projected and should help manage risks to employment.

This annual event reflects the long history of unity our nations have enjoyed. I look forward to positive and progressive cooperation with the new democratically-elected government over the years ahead.

The Environment Agency introduced new ‘car park’ style terms and conditions at its visitor mooring sites in 2013 and this has vastly improved compliance. These additional new arrangements will improve the management of these sites even further.

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.

And £450 million will also be spent on trialling railway digital signalling technology which will expand capacity and improve reliability.