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The adjusted level reflects the fact that pay growth and forecasts have been weaker than expected and a relative target automatically moves in line with them. A material worsening in economic performance and prospects would lead us next year to consider whether to recommend slower increases than needed to stay on a straight line path.

Additionally, the government will meet its manifesto commitment to increase the personal allowance to £12,500. Over the last Parliament, 1.2 million individuals in Wales saw an average gain of £521, due to an increase to the personal allowance

If unexpected changes in the economy require it, then I will, of course, announce actions at the Spring Statement, but I won’t make significant changes twice a year just for the sake of it.

This forecast shows that number growing in every year – another 500,000 over the OBR forecast – providing security for working people across the length and breadth of Britain.

The detail will be announced at the Budget, but we expect our new Investment Bond will have an interest rate of around 2.2% gross and a term of 3 years.