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I will commit an additional £1.1 billion of investment in English local transport networks, where small investments can offer big wins;

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.

LIBOR fines are collected from banks who break banking rules, and are given directly to causes benefitting armed forces and emergency services charities.

Economic infrastructure (transport, energy, flood defences, water, waste, and digital communications) is crucial for the economy and for people’s daily lives. The government has put infrastructure at the heart of its economic strategy and has set up the National Infrastructure Commission (NIC) to provide expert advice on the country’s strategic infrastructure needs and independent recommendations on how to meet them. At Spending Review 2015, the government announced it would increase transport spending by 50% to invest £61 billion in this Parliament. Including the additional investment provided by the NPIF, annual central government investment in economic infrastructure will increase by almost 60% from £14 billion in 2016-17 to £22 billion in 2020-21.13

I suspect that I will prove no more adept at pulling rabbits from hats than my successor as Foreign Secretary has been at retrieving balls from the back of scrums.