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This is about ensuring that our exit is smooth and orderly, which is in the best interests of the UK and our EU partners. There are decades of EU law to consider, and we must ensure our laws work when we leave and that we provide the maximum possible stability.

In view of the uncertainty facing the economy, and in the face of slower growth forecasts, we no longer seek to deliver a surplus in 2019-20.

We recognise that many organisations across the UK which are in receipt of EU funding, or expect to start receiving funding, want reassurance about the flow of funding they will receive. That is why we are confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding granted before we leave the EU will be guaranteed by the Treasury after we leave. Thousands of British organisations have received guarantees over EU funding from the Chancellor.

They will also mean that businesses cannot avoid tax by borrowing excessively in the UK to fund their overseas activities.

But the Prime Minister and I remain firmly committed to seeing the public finances return to balance as soon as practicable.