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New investment in research and development and changes to the corporation tax regime is designed to help business and boost productivity and innovation over the long term. The government remains committed to the devolution of corporation tax to the Executive so long as it demonstrates that its finances are on a sustainable footing.

The National Living Wage for those aged 25 and over will increase from £7.20 per hour to £7.50 per hour. That means over £1,400 a year more for a full-time worker previously on the National Minimum Wage.

And the key judgement we make today is that our hard-won credibility on public spending means we can fund this commitment, in the short-term, from additional borrowing.

This will be an increase of over £800 million for the Scottish Government, over £400 million for the Welsh Government and over £250 million for the Northern Ireland Executive.

The government is also making further investments in digital infrastructure such as fibre broadband and 5G – vital in ensuring that businesses in Northern Ireland are well placed to take advantage of the opportunities presented by new technologies, and reap the benefits of greater connectivity.