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The cap I am announcing today takes into account policy changes since the last Budget, setting a realistic baseline reflecting all announced welfare policies.

Following consultation with stakeholders, ultra-low emission cars, pensions saving, childcare and the cycle to work scheme will be excluded from this change. And certain long-term arrangements will be protected until April 2021.

From electric vehicles to the Internet of Things and artificial intelligence‎, the technologies of the future could have an enormous impact on the UK’s economic infrastructure and the ways in which rely upon it.

The UK government’s decision to focus on infrastructure spending means that the Northern Ireland Executive’s budget will increase by more than £250 million through to 2020-2021, giving it greater spending power to boost productivity and promote growth in Northern Ireland.

Our joint futures are underpinned by our research and development partnership. The UK India research relationship has never been so strong, rising from £1 million in 2009 to over £200 million today, and is growing exponentially. UK and Indian universities are doing more research together than they have ever done before with partner Institutions. New catapult centres and Knowledge transfer networks are bringing together top universities and private sector Institutions to achieve high-value real-world innovation. At the heart of that sits the Newton Bhabha Fund which brings together the UK and Indian scientific research and innovation sectors to find joint solutions to global challenges. The Newton Bhabha Fund is worth £10 million this year and will expand up to £104 million by 2021.