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These measures – and others set out in the Autumn Statement document – raise around £2 billion over the forecast period.

New fiscal targets are needed to provide the flexibility to support the economy and create space for more investment in roads, rail, research, and housing.

Scotland is also benefiting with more than £3.3 million of LIBOR funding raised from fines levied on banks being distributed to good causes.

Mr President, this is a problem not just for tomorrow, but for today. Every year water insecurity costs the global economy $500 billion. That’s 500 billion lost to inadequate water and sanitation, lost to urban flood damage, lost to agriculture wastage through droughts and floods.

And we will introduce a new penalty for those who enable the use of a tax avoidance scheme that HMRC later challenges and defeats.