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The development of Open Banking – the use of technology to provide customers with more control over their accounts and financial services – is one of 17 CMA-imposed changes that will make banks work harder for their customers.

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.

We will abolish the tax advantages linked to Employee Shareholder Status in response to evidence it is primarily being used for tax-planning purposes by high-earning individuals;

We are committed to supporting Georgia as it seeks to strengthen democratic institutions, undertake important reforms, and further protect human rights and media freedom. That is why we are continuing our Good Governance Fund, which will provide up to £4.5million over the next year to help these reforms.

A major increase in research and development funding for universities and businesses with R&D projects to help the UK remain an attractive place for businesses to invest in innovative research.