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The Low Pay Commission (LPC), the body that advises the Government on the level of the minimum wage, today welcomed the acceptance of its recommendations for the rates to apply from April 2017. These include a 4.2 per cent increase in the National Living Wage (NLW), the rate for workers aged 25 and over, from £7.20 to £7.50.

The UK government’s decisions today mean a secure economy based on the broad shoulders of the UK, more funding and more powers for Scotland.

The Personal Allowance is the amount of income you can earn before you start paying income tax. It is currently £11,000 this year, and will rise to £11,500 in 2017-18. The point at which you pay the higher rate of income tax will increase from £43,000 this year, to £45,000 in 2017-18.

As the effects of uncertainty diminish, the OBR forecasts growth recovering to 1.7% in 2018, 2.1% in 2019 and 2020, and 2% in 2021.

The main rate of corporation tax has already been cut from 28% in 2010 to 20%, and will be cut again to 17% by 2020, by far the lowest in the G20 and benefitting over 1 million businesses.