Fuel Duty increase scrapped in Autumn Statement

Chancellor of the Exchequer George Osborne has provided further support for small businesses in his Autumn Statement as the government looks to tackle the public spending deficit.

Chief among these is the scrapping of the planned 3p Fuel Duty rise for January, with the 2013-14 increase deferred to September 1st next year.

Additionally, a Business Bank - including £1 billion of capital - will be set up to help deliver access to finance and support for small businesses.

And there will be a temporary increase in the Additional Investment Allowance - from £25,000 to £250,000 over the next two years - to provide further support for firms.

Small business exports will also be given a boost through £1.5 billion in loans via the UK Export Finance scheme.

In response, Shadow Chancellor Ed Balls questioned why the government had not looked at extending the National Insurance Contribution holiday to provide further help.

Posted by Thomas Fletcher

Last updated: 5th December 2012