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Mr Speaker, I said that the tax system must be fair and that means rewarding those who work hard by helping them to keep more of what they earn.

The refresh is an opportunity to help to deliver a vibrant, competitive and successful defence sector in the UK, contributing to the needs of our Armed Forces, allies and partners around the world as well as making a significant contribution to the UK’s prosperity.

In view of the uncertainty facing the economy, and in the face of slower growth forecasts, we no longer seek to deliver a surplus in 2019-20.

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.

Also tax avoiders will not be able to claim as a defence against penalties that relying on non-independent tax advice is taking reasonable care.