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The government’s education reforms have raised standards and expanded opportunity with 1.4 million more children now in ‘good’ or ‘outstanding’ schools.

The cap I am announcing today takes into account policy changes since the last Budget, setting a realistic baseline reflecting all announced welfare policies.

Through its democratic credentials, open economy and progressive human rights, Georgia is playing a vital role in the stability and security of the wider region. Georgia’s progression towards Euro-Atlantic integration, both through NATO and the EU, will only serve to build on the progress already made.

Mr Speaker, there is understandable public concern that the pitch is tilted in favour of large multinational groups which are able to use cross-border structures to manage their tax liabilities.

My priority as Chancellor is to ensure that Britain remains the number one destination for business – creating the investment, the jobs and the prosperity to protect our long-term future.