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But we must constantly be alert to new threats to our tax base – and be willing to move swiftly to counter them.

We are carrying out a programme of sectoral and regulatory analysis, which will identify the key factors for British businesses and the labour force that will affect our negotiations with the EU. This will help inform our negotiating position and build a detailed understanding of how withdrawing from the EU will affect our domestic policies, to seize the opportunities and ensure a smooth process of exit.

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.

The growth corridor between Cambridge Milton Keynes and Oxford could help fire the British economy, but only if we back it with the homes and infrastructure it needs to thrive. Last week the NIC presented the compelling case for investment in East West rail and the Oxford Cambridge Expressway, as part of a wider joined up plan to help this region succeed. This is a once in a generation opportunity and the government is absolutely right to accept those recommendations.

This commitment to housing delivery represents a step-change in our ambition to increase the supply of homes for sale and for rent, to deliver a housing market that works for everyone.