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In the absence of an effective framework, the welfare bill in our country spiralled out of control, with spending on working-age benefits trebling in real terms between 1980 and 2010.

Economic infrastructure (transport, energy, flood defences, water, waste, and digital communications) is crucial for the economy and for people’s daily lives. The government has put infrastructure at the heart of its economic strategy and has set up the National Infrastructure Commission (NIC) to provide expert advice on the country’s strategic infrastructure needs and independent recommendations on how to meet them. At Spending Review 2015, the government announced it would increase transport spending by 50% to invest £61 billion in this Parliament. Including the additional investment provided by the NPIF, annual central government investment in economic infrastructure will increase by almost 60% from £14 billion in 2016-17 to £22 billion in 2020-21.13

But as we look ahead to the next Parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability.

In Universal Credit, as a person’s income increases, their benefit payments are gradually reduced. The taper rate calculates the reduction in benefits as a person’s salary increases.

The development of Open Banking – the use of technology to provide customers with more control over their accounts and financial services – is one of 17 CMA-imposed changes that will make banks work harder for their customers.