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The UK economy is forecast to be the fastest growing major economy in 2016, but the Office for Budget Responsibility has forecast growth to slow and inflation to rise over the next two years.

At a working dinner at Lancaster House with the Secretary General this evening Sir Michael praised the NATO’s Enhanced Forward Presence commitment in the Baltic States in the face of an increasingly assertive and unpredictable Russia.

Having run two large spending departments in previous roles, I came to this job with some very clear views about the relationship between the Treasury and spending departments.

And finally, £390 million to build on our competitive advantage in low emission vehicles and the development of connected autonomous vehicles; plus a 100% first year capital allowance for the installation of electric vehicle charging infrastructure.

Over the next four years, the UK will be contributing $43 million to improve the management of shared waters in Southern Africa. We’ll be doing so in partnership with the German Ministry for Economic Cooperation and with the Climate Resilient Infrastructure Development Facility, which is a private sector organisation that designs and finances water infrastructure.