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And an economy which has confounded commentators at home and abroad with its strength and its resilience since the British people decided, exactly five months ago today, to leave the European Union and chart a new future for our country.

The cap I am announcing today takes into account policy changes since the last Budget, setting a realistic baseline reflecting all announced welfare policies.

The tax system needs to keep pace. For example, the OBR has today highlighted the growing cost to the Exchequer of incorporation.

The decision follows a rigorous assessment of the IGas proposals and detailed consideration of all comments submitted during two rounds of public consultations.

There will also be a two-year 100% first year allowance for companies who install electric charge-points, coming in from today‎. This allows companies to deduct the cost of the charge-point from their pre-tax profits in that year‎.