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That reflects the challenge we face of resolving how best to protect the recovery, build on the economy’s strengths, yet at the same time respond appropriately to the warnings of a more difficult period ahead.

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).

All Government departments are currently reviewing the EU laws that apply in their policy areas and how our withdrawal from the EU will affect the operation of those laws. Where laws need to be fixed, that’s what the Government will do.

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.

So we choose in this Autumn Statement to prioritise additional high-value investment, specifically in infrastructure and innovation, that will directly contribute to raising Britain’s productivity.