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The government remains committed to consulting on policy as set out in ‘The new approach to tax policy making’ in 2010. Most measures proposed at a Budget will be subject to policy consultation in the spring and publication of draft legislation in the summer, before being legislated in the Finance Bill after the following Budget. To build on this and allow for an earlier stage of involvement on key strategic challenges, the Chancellor has said that he may launch consultations on how to address these longer-term issues at the Spring Statement.

But as we look ahead to the next Parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability.

The main rate of corporation tax has already been cut from 28% in 2010 to 20%, and will be cut again to 17% by 2020, by far the lowest in the G20 and benefitting over 1 million businesses.

Mr Speaker, this package means that over the course of this Parliament, the government expects to more than double, in real terms, annual capital spending on housing.

“The UK is open for business and I am excited we are going to be able to share in the benefits of Registered Traveller with Uruguay.