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But no other major developed economy has such a gap between the productivity of its capital city and its 2nd and 3rd cities.

I can confirm that, despite the fiscal pressures, we will meet our commitments to protect the budgets of key public services and defence;

£68.2 billion this year; falling to £59 billion next year; £46.5 billion in 2018-19; then £21.9 billion; £20.7 billion, and finally £17.2 billion in 2021-22.

So the government will consider how we can ensure that the taxation of different ways of working is fair between different individuals, and sustains the tax-base as the economy undergoes rapid change.

The leaders discussed the recent US election and the Prime Minister emphasised that a strong transatlantic relationship remains the foundation of global security and prosperity. They also discussed Russia and the importance of finding a solution to the conflict in Syria.