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How the increase in capital budget is spent in Scotland is up to the Scottish Government, which has the opportunity to take its own investment decisions as well as using its own tax, borrowing and welfare powers.

Letting agents will no longer be able to charge renters fees, for example when they sign a new tenancy agreement. This will stop tenants being hit with fees averaging £223 per tenancy.

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

“The UK is open for business and I am excited we are going to be able to share in the benefits of Registered Traveller with Uruguay.

But the Prime Minister and I remain firmly committed to seeing the public finances return to balance as soon as practicable.