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Our priority is to build a national consensus around our exit from the EU. We have already started a wide-ranging programme of engagement, listening to organisations, institutions and companies in as many sectors as possible to establish their priorities and understand their concerns, and also to hear what they think the opportunities are.

The government’s education reforms have raised standards and expanded opportunity with 1.4 million more children now in ‘good’ or ‘outstanding’ schools.

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.

My priority as Chancellor is to ensure that Britain remains the number one destination for business – creating the investment, the jobs and the prosperity to protect our long-term future.

At the outset let me welcome the analysis shared by the Secretary-General and all our briefers this morning. And I join others in paying tribute to you, Mr President, for your leadership in bringing this vital issue to the Council.