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The tax system needs to keep pace. For example, the OBR has today highlighted the growing cost to the Exchequer of incorporation.

Letting agents will no longer be able to charge renters fees, for example when they sign a new tenancy agreement. This will stop tenants being hit with fees averaging £223 per tenancy.

The UK government’s decisions today mean a secure economy based on the broad shoulders of the UK, more funding and more powers for Scotland.

And I confirm again that the government has no plans to introduce further welfare savings measures in this parliament beyond those already announced.

At the event at the Chelsea Harbour Hotel in London, details were provided on the Future Aviation Security Solutions (FASS) competition.