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In view of the uncertainty facing the economy, and in the face of slower growth forecasts, we no longer seek to deliver a surplus in 2019-20.

I therefore call upon all our stakeholders, particularly SMEs, to engage in the consultation over the next 6 weeks to help us to refine our policy to not only deliver the best equipment for defence at the best value for the tax payer, but to support an innovative, prosperous and internationally competitive defence industry.

A firm foundation upon which my Rt Hon Friend the Business Secretary will work with industry to build our ambition of an economy that works for all.

The majority of employees pay tax on a cash salary. But some are able to sacrifice salary and pay much lower tax on benefits in kind.

The Prime Minister has made clear the Government’s intention to trigger Article 50 no later than the end of March 2017. It is in everyone’s interest that we take time to establish a UK approach and clear objectives for negotiations.