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In Universal Credit, as a person’s income increases, their benefit payments are gradually reduced. The taper rate calculates the reduction in benefits as a person’s salary increases.

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.

The Office for Budget Responsibility (OBR) is required by law to produce two forecasts a year. One of these will remain at Budget. The other will fall in the spring and the government will respond to it with a Spring Statement.

Families and ordinary working people will welcome the rise in the National Living Wage and changes to Universal Credit to ensure people keep more of what they earn. Together with a further freeze in fuel duty saving motorists on average £10 every time they fill up their car, today’s measures will provide greater financial security and help Northern Ireland prosper and grow.

The announcement was made at a Defence Growth Partnership Ministerial meeting which was attended by a number of key defence suppliers.