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At every step of these negotiations we will work to ensure the best possible outcome for the people of the United Kingdom.

In its final report published in August this year, the CMA announced measures aimed at ensuring that customers benefit from technological advances, and that new entrants and smaller providers can compete more fairly.

Today’s announcement represents a crucial step in the formation of the NIC. Providing a clear remit and a long-term funding guideline for British infrastructure will help this country plan for the long term and deliver the systems and networks we need to compete.

So today I can confirm the additional investment in R&D, rising to an extra £2 billion per year by 20-21, announced by my Right Honourable Friend, the Prime Minister on Monday.

I am funding Charlie Mayfield’s business-led initiative to boost management skills across British businesses; and I am taking a first step to tackle the longstanding problem of our fastest growing technology firms being snapped up by bigger companies, rather than growing to scale.