Today's Autumn statement

Today the Chancellor will deliver this Government’s final Autumn Statement which will set out plans to boost business and invest in infrastructure in order to secure a healthier economy and a better future for Britain.

During the Autumn Statement the Chancellor will announce plans to unlock £1 billion of support for small and medium sized businesses (SMEs) in order to build a stronger, healthier economy.

 

Small and medium sized businesses are the lifeblood of the economy, creating jobs and growth. Under Labour, businesses were stifled by too much regulation and high taxes.

 

That’s why we are backing small business with lower taxes and better infrastructure. We will continue to support people looking to set up new businesses by extending the Funding For Lending Scheme, guaranteeing up to £500 million of new bank lending to SMEs, and expanding the British Business Bank with an additional £400 million. We will also review business rates and look to create a modern system for a modern economy.

 

Small and medium sized businesses are at the heart of Britain’s high streets, creating jobs and growth and providing security for hardworking taxpayers. Backing small businesses is a key part of our long-term economic plan. We are making sure that Britain is the most attractive place to start, finance and grow a business. 

 

The Chancellor will also provide an update on the public finances during today’s Autumn Statement.

 

When we came into government the country was borrowing over £150 billion a year and unemployment had increased by nearly half a million. Britain had suffered the deepest recession since the war and had the second biggest structural deficit of any advanced economy.

 

We had to make realistic assessments about the state of the British economy and this involved taking difficult decisions to reduce the deficit and control spending. Thanks to the hard work of the British people, this long-term economic plan is working. The deficit has been cut by over a third, there are over 2 million more private sector jobs and 760,000 more businesses. There is still more to do and that’s why we need to keep working through our long-term economic plan.

 

Ed Miliband has no economic plan to secure Britain’s future. All he offers is more of the same failed Labour ideas that got us into a mess in the first place – more spending, more borrowing and more taxes. We must finish the job – and go on building an economy that works for everyone and secures a better and brighter future for Britain and future generations.