Autumn Statement: The main points

As widely predicted he unveiled plans to stimulate growth by providing small businesses with greater access to funds and make it easier for them to take on new employees.

 

  • Credit easing programme to underwrite up to £40bn in low-interest loans to small and medium-sized firms.
  • £1bn business finance partnership to help secure funding for medium-sized firms.
  • Regional Growth regeneration fund to get £1bn in extra funding.
  • £250m support package for energy-intensive firms.
  • The business rate tax relief holiday will be extended until April 2013.
  • The government will consult on allowing small firms to make people redundant without them being able to claim unfair dismissal. It will look at introducing a system of compensated, no fault redundancy.
  • £1bn "youth contract" to subsidise six-month work placements for 410,000 young people.
  • Below inflation increase in some working tax credits.
  • Bank levy to be increased in January.
  • £400m scheme to kick-start stalled construction projects in England.
  • £5bn new spending over three years, with the go-ahead for 35 road and rail projects across England.
  • Aim to unlock a further £20bn in investment from pension funds.
  • A planned 3p-a-litre rise in fuel duty in January has been cancelled.

For more information on the Autumn Statement, click here

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