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There are different aspects to the Customs Union which is why it is important to look at the detail and get the answer right.

Our countries are deeply connected, by history, by our diasporas and by our businesses. It was no accident that Theresa May’s first visit as Prime Minister outside of Europe was to India, a clear statement of our commitment to and belief in India as an equal partner. Our future stability and prosperity are mutually reinforcing. The UK is the largest G20 investor in India, investing more than the US and Japan together, while India invests more into the UK than it does the rest of Europe combined. Two weeks ago, I was with both our Prime Ministers at the TECH Summit, an event that showcased the best of Indian and UK innovation in a variety of key sectors including healthcare and life sciences, automotive, energy, water and smart cities. Innovation and entrepreneurship sat at the heart of the Summit, including in a two day hackathon. As Narendra Modi said ‘Science, technology and innovation have a significant role in India’s bilateral engagement with the UK’.

Following detailed consultation, I can confirm that we will implement our new restriction on tax relief for corporate interest expenses, and reform the way that relief is provided for historic losses.

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

During a 12-month trial starting on Wednesday 16 November 2016, Thames Visitor Moorings (TVM), a private company run ‘by boaters for boaters’, will take over responsibility for managing usage and collecting fees at 21 of the 22 visitor mooring sites currently operated by the Environment Agency.