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Currently, for every £1 earned after tax above an income threshold, a person receiving Universal Credit has their benefit award reduced by 65p and keeps 35p. They will now keep 37p for every £1, from April 2017.

The government has cut borrowing by nearly two-thirds since 2010, but will no longer aim for a budget surplus (where more tax is raised than is spent) by 2019.

The Prime Minister hosted NATO Secretary General Jens Stoltenberg at Downing Street this afternoon for a wide-ranging discussion on security issues.

I can confirm that, despite the fiscal pressures, we will meet our commitments to protect the budgets of key public services and defence;

So I welcome the Commission’s continuing work on delivery model options, and we will carefully consider its final recommendations in due course.