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The £3.5 billion of savings to be delivered through the Efficiency Review announced at the Budget, and led by my Right Honourable Friend, the Chief Secretary, must be delivered in full.

The weather will continue to improve this week, but people should avoid walking near swollen rivers and should not risk driving or walking through flood water. Strong winds and large waves will also ease around the coast today, but people should take care when walking by the sea. Information about flood warnings and alerts is updated every 15 minutes on GOV.UK and people can check their postcodes and sign up to receive free flood warnings.

As part of the Strategic Defence and Security Review 2015 (SDSR15), the Government committed to develop a refreshed defence industrial policy. This will make clear that competition remains our preferred approach, delivering value for money and incentivising an innovative and productive industrial base. It will outline the further action we will take to help the UK’s defence and security industries, in particular Small and Medium Sized Enterprises (SMEs), to grow and compete successfully. The development of this policy is an important contribution to the new National Security Objective to promote our prosperity and is closely linked with other work in the MOD to promote innovation, exports and skills.

We will always support a market led approach; but we will not be afraid to intervene where there is evidence of market failure.

Insurance premium tax in this country is lower than in many other European countries, and half the rate of VAT.