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That investment is only possible because the government is prepared to take the tough decisions to maintain control of current spending.

An economy which, through the hard work of the British people, has bounced back from the depths of recession.

We estimate that the £7.50 rate will raise coverage - the number of workers paid at or below the NLW - by up to 390,000, from 1.6 million jobs (6.7 per cent of the cohort) in April 2016 to up to 2.0 million (8.3 per cent) in April 2017. Looking at progress towards the 60 per cent target, we estimate that the £7.50 rate will represent an increase in the relative value of the NLW for workers aged 25 and over of 1.1 percentage points, up from 55.8 per cent of the value of typical earnings (October 2016) to 56.8 per cent (October 2017).

Additionally, the government will meet its manifesto commitment to increase the personal allowance to £12,500. Over the last Parliament, 1.2 million individuals in Wales saw an average gain of £521, due to an increase to the personal allowance

The adjusted level reflects the fact that pay growth and forecasts have been weaker than expected and a relative target automatically moves in line with them. A material worsening in economic performance and prospects would lead us next year to consider whether to recommend slower increases than needed to stay on a straight line path.