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To support savers, NS&I will offer a new three-year Investment Bond with an indicative rate of 2.2% from spring 2017. The bond will offer the flexibility to put away between £100 and £3,000 and be available to those aged 16 or over.

The Prime Minister reaffirmed the UK’s unwavering support for NATO and said we will remain a cornerstone of the Alliance. Secretary General Stoltenberg agreed that the UK is playing a leading role by meeting our commitment to spend 2 per cent of GDP on defence, contributing troops to deterrence measures in Eastern Europe and maintaining our independent nuclear deterrent.

Following consultation with stakeholders, ultra-low emission cars, pensions saving, childcare and the cycle to work scheme will be excluded from this change. And certain long-term arrangements will be protected until April 2021.

There will be no immediate change. The UK will remain a member of the EU until its exit and so continues to pay into the EU and continues to receive funds. The UK will continue to have all of the rights, obligations and benefits that membership brings, up until the point we leave the EU.

The announcements I have made today lower taxes on working people; boost wages; back savers; and bear down on bills.