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Following detailed consultation, I can confirm that we will implement our new restriction on tax relief for corporate interest expenses, and reform the way that relief is provided for historic losses.

The UK has a range of offers for budding entrepreneurs, including the Sirius Programme which supports graduate entrepreneurs from around the world looking to start their venture in the UK, the Global Entrepreneurship Programme that helps overseas entrepreneurs and early stage technology businesses or start-ups that want to relocate their business to the UK. We also offer our largest global scholarship scheme anywhere in the world here in India, led by our flagship Chevening Scholarships and Fellowships for Future Leaders, as well as Commonwealth Scholarships and British Council awards. Please do help get the word out to your best and brightest students.

From winter 2017, Finance Bills will be introduced following the Budget. The aim will be to reach Royal Assent in the spring, before the start of the following tax year. This change in timetable will help Parliament to scrutinise tax changes before the tax year where most take effect.

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.

Second, that public sector net debt as a share of GDP must be falling by the end of this Parliament.