BUSINESS TAX: Business will have tax deductions for investment made permanent, cutting companies’ tax bills by £250,000 for every £1 million invested, one of the biggest tax cuts for business in history.

Tax relief for freeports and investment zones is to be extended from five to 10 years and three more investment zones are to be introduced in the West Midlands, the East Midlands and Greater Manchester.

LIVING WAGE: The living wage is to be increased to £11.44 an hour, a rise of about 10 per cent.