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There is one tax reform the government has pursued since 2010 to improve the lot of working people. Raising the tax-free personal allowance.

I am delighted to be able to formally launch the consultation on refreshing Defence Industrial Policy Refresh. This is a milestone in meeting our SDSR15 commitment and presents a unique opportunity for our defence industry, academics and non-traditional defence suppliers to make a valuable contribution to the continuing development of our Industrial Policy.

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

But we must sustain this effort over the long term if we are to make a lasting difference to the UK’s productivity performance.

The majority of employees pay tax on a cash salary. But some are able to sacrifice salary and pay much lower tax on benefits in kind.