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Businesses, economy and tax experts like the International Monetary Fund, Institute for Government, the CBI, Chartered Institute of Taxation and the IFS have all been calling for this change. It will mean businesses and people face less frequent changes to the tax system, helping to promote certainty and stability.

Today (23 November 2016) at Autumn Statement, the Chancellor set out announcements which will build an economy that works for everyone, in Scotland and the whole of the UK.

The announcement was made at a Defence Growth Partnership Ministerial meeting which was attended by a number of key defence suppliers.

The Office for Budget Responsibility (OBR) is required by law to produce two forecasts a year. One of these will remain at Budget. The other will fall in the spring and the government will respond to it with a Spring Statement.

Attendees were also able to book a face-to-face meeting with CDE and Home Office and Department for Transport subject matter experts to discuss potential proposals to the competition.