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Today I can announce the National Living Wage will increase from £7.20 to £7.50 in April next year. That’s a pay rise worth over £500 a year to a full-time worker.

This Autumn Statement responds to the challenge of building on that strength, while also heeding the warnings in the OBR’s figures, as we begin writing this new chapter in our country’s history.

The Prime Minister updated Prime Minister Michel on the process for the UK leaving the EU and reiterated that she intends to trigger Article 50 by the end of March next year. She confirmed that while we are leaving the EU we are not leaving Europe and want to maintain strong relationships with all member states as well as with the EU itself.

These measures – and others set out in the Autumn Statement document – raise around £2 billion over the forecast period.

To support savers, NS&I will offer a new three-year Investment Bond with an indicative rate of 2.2% from spring 2017. The bond will offer the flexibility to put away between £100 and £3,000 and be available to those aged 16 or over.