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As co-chair of the Defence Growth Partnership - which seeks to develop the UK defence capabilities and increase defence export sales - I welcome today’s launch of the industry consultation on the refresh of defence industrial policy. I would encourage industry of all sizes, non-traditional suppliers and academia to participate in the consultation.

Letting agents will no longer be able to charge renters fees, for example when they sign a new tenancy agreement. This will stop tenants being hit with fees averaging £223 per tenancy.

The leaders discussed the recent US election and the Prime Minister emphasised that a strong transatlantic relationship remains the foundation of global security and prosperity. They also discussed Russia and the importance of finding a solution to the conflict in Syria.

Stripping out the effects of the Bank of England interventions, underlying debt peaks this year at 82.4% of GDP and falls thereafter to 77.7% by 2021-22.

As part of the Strategic Defence and Security Review 2015 (SDSR15), the Government committed to develop a refreshed defence industrial policy. This will make clear that competition remains our preferred approach, delivering value for money and incentivising an innovative and productive industrial base. It will outline the further action we will take to help the UK’s defence and security industries, in particular Small and Medium Sized Enterprises (SMEs), to grow and compete successfully. The development of this policy is an important contribution to the new National Security Objective to promote our prosperity and is closely linked with other work in the MOD to promote innovation, exports and skills.