Legalising cannabis would raise £1bn a year in tax for the UK. A report from the Institute of Economic Affairs has valued the UK's black market at £2.6bn. Legalising would also lead to savings for public services including the police. It comes after former Conservative leader Lord Hague called on the government to consider legalising cannabis for recreational use. The government has promised to review the use of medicinal cannabis following high-profile cases involving severely epileptic children. The Home Office stressed that the drug will remain banned for recreational use. (See also: Legalising cannabis could be ‘win-win-win’ for UK, says thinktank | Ron Hogg: Regulation of cannabis market would not mean a free for all | The risk of underestimating the UK cannabis market)