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I can announce today a new National Productivity Investment Fund of £23 billion to be spent on innovation and infrastructure over the next five years.

But we must constantly be alert to new threats to our tax base – and be willing to move swiftly to counter them.

That reflects the challenge we face of resolving how best to protect the recovery, build on the economy’s strengths, yet at the same time respond appropriately to the warnings of a more difficult period ahead.

After heavy rain over the last three days and showers forecast today, people in the south west and north east need to be aware of the potential for further flooding. The weather is due to improve later this week, but we want to remind people not to risk driving through flood water, walking near large waves or near swollen rivers.

And an economy which has confounded commentators at home and abroad with its strength and its resilience since the British people decided, exactly five months ago today, to leave the European Union and chart a new future for our country.