In the statement, delivered today at 12.30, the chancellor outlined a raft of support measures for small businesses and employers, alongside spending measures to tackle issues including improving infrastructure and building flood defences.
George Osborne announced a review of business rates to boost business and unveiled a £45m cash injection to support small businesses looking to export to emerging markets including Africa and Asia for the first time. He also revealed the government would double small business rate relief for a further year and cap inflation-linked increases in business rates at 2%.
Last year to the government introduced a £1,000 discount on rates for small high street businesses and today said he'd boost it by 50% to £1,500 next year.
To support the creative industries the chancellor announced a new tax credit to boost children's TV producers and a tax break for orchestras. An increase in R&D tax credits for small and medium sized businesses was also anounced, in order to drive and support innovation.
To encourage businesses to drive employment through apprenticeships, Osborne announced that the government would back businesses by abolishing the jobs tax for those employing young apprenticed under 25.
He also pledged to crack down on tax avoiding multinational companies, including tech businesses. To crack down on this the governemnt would introduce a 25% tax on profits generated by multinationals that are shifted out of the UK, which would help raise £1bn over five years.
Claiming that the UK was the fastest of all major economies, Osborne prediced 3% GDP growth for 2014 and a long term growth forecast of 2.4% 2015, 2.2% in 2016 and 2.4% in 2017.
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