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I am committed to transforming this country into an apprenticeship nation. Initiatives like ASK and the 1,000 Apprenticeship Champions are essential to spreading the message that quality apprenticeships are a ladder of opportunity for all ages and all backgrounds.

Insurance premium tax in this country is lower than in many other European countries, and half the rate of VAT.

A consultation before Christmas will look at ways to tackle pensions scams, including banning businesses from cold calling someone about their pension. This includes scammers targeting people who inadvertently ‘opt-in’ to receiving third party communications.

And £450 million will also be spent on trialling railway digital signalling technology which will expand capacity and improve reliability.

The OBR’s forecast of higher borrowing and slower asset sales, together with the temporary effect of the Bank of England’s action to stimulate growth, translates into an increased forecast for debt in the near-term.