In one of the most eagerly anticipated Pre-Budget Reports revealed this afternoon Alistair Darling said £7 billion of measures will support businesses.
The £7 billion is made up of £1 billion in tax cuts, £2 billion in loan guarantees and £4 billion from the European Union.
The following measures will be introduced:
* A special £2 billion loan guarantee scheme will see the Government underwrite 75 per cent of the risk when banks lend to small firms.
* A 1p rise in the small companies rate of corporation tax planned for April will be delayed at least a year.
* Revenue and Customs has been ordered to give small firms extra time to pay their tax bills.
* Empty commercial property tax relief to be extended to large firms, now covering around 70 per cent of currently vacant buildings in the UK.