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And I will also increase the Rural Rate Relief to 100%, giving small businesses in rural areas a tax break worth up to £2,900 per year.

A firm foundation upon which my Rt Hon Friend the Business Secretary will work with industry to build our ambition of an economy that works for all.

And we won’t be doing this alone. Through this project we hope to raise nearly $500 million from the private sector, including companies with a high dependency on water, as well as from national governments and development banks, so that together we can plan and construct water infrastructure for communities within SADC member states.

So I welcome the Commission’s continuing work on delivery model options, and we will carefully consider its final recommendations in due course.

Insurance Premium Tax (IPT) will increase from 10% to 12%. IPT is a tax on insurers and it is up to them whether and how to pass on costs to customers.

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