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At the outset let me welcome the analysis shared by the Secretary-General and all our briefers this morning. And I join others in paying tribute to you, Mr President, for your leadership in bringing this vital issue to the Council.

While the OBR is clear that it cannot predict the deal the UK will strike with the EU, its current view is that the referendum decision means that potential growth over the forecast period is 2.4 percentage points lower than would otherwise have been the case.

The Prime Minister and Secretary General Stoltenberg spoke about the importance of NATO members meeting the 2 per cent commitment and agreed to continue to encourage allies to increase defence spending.

Families and ordinary working people will welcome the rise in the National Living Wage and changes to Universal Credit to ensure people keep more of what they earn. Together with a further freeze in fuel duty saving motorists on average £10 every time they fill up their car, today’s measures will provide greater financial security and help Northern Ireland prosper and grow.

Northern Ireland’s prestigious universities should also benefit from the UK government’s decision to increase funding for research and innovation by £2 billion a year by 2020-21, ensuring that the UK continues to be a world leader in science and technology.