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The government is committed to tackling tax evasion, avoidance and aggressive tax planning, and the UK tax gap is now one of the lowest in the world.

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.

We are committed to supporting Georgia as it seeks to strengthen democratic institutions, undertake important reforms, and further protect human rights and media freedom. That is why we are continuing our Good Governance Fund, which will provide up to £4.5million over the next year to help these reforms.

Since 2011, most tax policy consultation summaries and draft Finance Bill legislation have been published on ‘Legislation day’, following the Autumn Statement. In 2016 this will be on 5 December. From 2018, under the new timetable, this will move to the summer. As now, the date will continue to be announced by written ministerial statement.

And tax receipts have been lower than expected this year, causing the OBR to revise down projected revenues in future.