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In the meantime, the government will take action now to reduce the difference between the treatment of cash earnings and benefits.

How the increase in capital budget is spent in Scotland is up to the Scottish Government, which has the opportunity to take its own investment decisions as well as using its own tax, borrowing and welfare powers.

The Autumn Statement also includes direct action that will benefit Scotland – such as the Chancellor’s decision to increase investment in research and development by £2 billion a year by 2020-2, which should benefit Scotland’s thriving universities and research and innovation centres.

We recognise that many organisations across the UK which are in receipt of EU funding, or expect to start receiving funding, want reassurance about the flow of funding they will receive. That is why we are confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding granted before we leave the EU will be guaranteed by the Treasury after we leave. Thousands of British organisations have received guarantees over EU funding from the Chancellor.

But with our debt forecast to peak at 90% next year, and a deficit this year of 3.5%, I have reached my own judgement.