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New investment in research and development and changes to the corporation tax regime is designed to help business and boost productivity and innovation over the long term. The government remains committed to the devolution of corporation tax to the Executive so long as it demonstrates that its finances are on a sustainable footing.

We will shut down inappropriate use of the VAT flat rate scheme that was put in place to help small businesses;

We know that local people and other road users will be delighted that work to resolve this long-running problem will get underway this month.

The tax system needs to keep pace. For example, the OBR has today highlighted the growing cost to the Exchequer of incorporation.

And I can confirm today that, despite the challenging fiscal forecasts, we will deliver on our commitment to raising the allowance to £12,500, and the higher rate threshold to £50,000, by the end of this Parliament.