The Autumn Statement 2013 was made by the Chancellor of the Exchequer, George Osborne on Thursday 5 December. It provides an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility.
The key announcements to come out of the statement were:
- Introducing a cap on the Retail Prices Index (RPI) increase in business rates in England to 2% in 2014-15
- Introducing a £1,000 business rates discount for small businesses with properties valued under £50,000
- New re-occupation relief to encourage use of vacant town centre shops – halving rates for new occupants
- Doubling the Small Business Rate Relief for a further 12 months from 1 April 2014
- Abolishing National Insurance contributions for under-21s earning below £813 per week
- Cancellation of the proposed 2p per litre fuel duty.