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The 4.2 per cent increase keeps the National Living Wage on course for the 2020 goal. The recommendation was a finely balanced decision. On the one hand, it is a significant increase at a time of average pay growth of around 2 per cent and should help protect low-paid workers from the higher inflation likely to result from the depreciation of sterling. On the other hand, it is lower than we previously projected and should help manage risks to employment.

This will be an increase of over £800 million for the Scottish Government, over £400 million for the Welsh Government and over £250 million for the Northern Ireland Executive.

Our priority is to build a national consensus around our exit from the EU. We have already started a wide-ranging programme of engagement, listening to organisations, institutions and companies in as many sectors as possible to establish their priorities and understand their concerns, and also to hear what they think the opportunities are.

But as we look ahead to the next Parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability.

“The scheme is already available to a number of countries across the world and I am very pleased to welcome Uruguay to the Registered Traveller community.”