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By injecting an additional £400m into venture capital funds through the British Business Bank, unlocking £1 billion of new finance for growing firms.

Backed by a £178 billion equipment plan and defence budget rising in real terms for the rest of this parliament, the UK is one of the five of the 28 countries in NATO that meets the 2% spending target.

They discussed the recent US election and the importance of the transatlantic bond to security. Secretary General Stoltenberg relayed his recent conversation with President-elect Trump, in which they had agreed on the enduring importance of NATO.

So we will invest over £1 billion in our digital infrastructure to catalyse private investment in fibre networks and to support 5G trials.

The 4.2 per cent increase keeps the National Living Wage on course for the 2020 goal. The recommendation was a finely balanced decision. On the one hand, it is a significant increase at a time of average pay growth of around 2 per cent and should help protect low-paid workers from the higher inflation likely to result from the depreciation of sterling. On the other hand, it is lower than we previously projected and should help manage risks to employment.