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This forecast shows that number growing in every year – another 500,000 over the OBR forecast – providing security for working people across the length and breadth of Britain.

Jim Pennycook, Head of Operations at CDE, introduced CDE and give an overview of proof-of-concept research funding opportunities for innovative science and technology providers.

And the key judgement we make today is that our hard-won credibility on public spending means we can fund this commitment, in the short-term, from additional borrowing.

In order to raise revenue, which is required to fund spending commitments I am making today, it will rise from 10% currently, to 12% from next June.

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.