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So we choose in this Autumn Statement to prioritise additional high-value investment, specifically in infrastructure and innovation, that will directly contribute to raising Britain’s productivity.

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

Since 2010, the Office for Budget Responsibility has provided an independent economic and fiscal forecast, to which the government must respond.

The growth corridor between Cambridge Milton Keynes and Oxford could help fire the British economy, but only if we back it with the homes and infrastructure it needs to thrive. Last week the NIC presented the compelling case for investment in East West rail and the Oxford Cambridge Expressway, as part of a wider joined up plan to help this region succeed. This is a once in a generation opportunity and the government is absolutely right to accept those recommendations.

Looking ahead, the cash figure for 2020 is inevitably very uncertain. However, using October 2016 data, we estimate 60 per cent of median earnings will be £8.61, within a range of £8.50 to £8.73. This is down from £9.16 in the spring’.