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In the last reported financial year, the group opened 22 showrooms, refurbished 15 and acquired 15 through jewellers Ernest Jones.

Close to 1.4 billion shipments entered the US under the provision in the last financial year, according to customs data.

The new financial year has brought with it increases to energy, water and council tax bills, and employers will also have to pay more in National Insurance contributions and the minimum wage.

Lobbying behind-the-scenes, by campaigners and others - including, sources say, by Waters during the recent Welsh government budget process - appears to have triggered a re-think on cuts to funding for the next financial year.

Murray said the Spring Statement would provide an extra £28m to the Scottish government in the coming financial year.