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And tax receipts have been lower than expected this year, causing the OBR to revise down projected revenues in future.

I’ve got high expectations of this pilot. We’re using a first rate provider who really understands the needs of boaters, and ourselves.

The Government will work on subsequent funding arrangements as part of our negotiations to leave the EU and will give more information in due course.

It is a privilege to report today on an economy which the IMF predicts will be the fastest growing major advanced economy in the world this year.

We will always support a market led approach; but we will not be afraid to intervene where there is evidence of market failure.