A FREEZE in fuel duty, a major a review of business rates and an overhaul of stamp duty are part of today’s Autumn Statement.

The Chancellor George Osborne also announced major transport and road improvements, including the M3, and new loans for postgraduate university students.

During his speech at the House of Commons, he said the UK’s economy would grow by three per cent next year.

''Now there are those who say we should cut even faster, and those who say we should cut more slowly,” Mr Osborne told MPs.

“But we’ve got the pace right – as clearly demonstrated by the fact that our economy is growing faster than almost any other.

“And because of careful management, we can afford to put part of that under spend money into our National Health Service to cope with the pressures it faces.”

Quick to comment on the Autumn Statement was Hampshire Chamber chief executive, Stewart Dunn, who said: “There were a number of measures that should help to create jobs and stimulate economic activity.

“The headline changes to stamp duty will inject much needed vibrancy into the property market.

“At the same time, the abolition of employers’ national insurance contributions for younger employees could play a vital role in skills investment by giving more businesses the financial leverage to take on apprentices and young graduates. This is something, along with business rate reform, that we have long been campaigning for and we are pleased that the Chancellor has finally listened.

“On business rates, we stand ready with colleagues across the chamber network to participate in the structural review that he has announced. In the meantime we welcome his move to double small business rate relief for another year and to cap inflation-linked increases. The £1,500 increase in the rates discount for shops, pubs and cafes will also help the high street.

“On other measures, businesses will be pleased with the freezing of fuel duty while small and medium sized enterprises will be able to take advantage of the extension of tax credits for research and development.

“Overall, this was a welcome Autumn Statement against a backdrop of lower unemployment and borrowing compared to recent years.”

Neil Eames, development manager for the Federation of Small Businesses said the Chancellor has listened to the needs of business, despite tight public finances.

“The FSB is delighted to see the double small business rate relief remain for another year and a full review of the outdated business rates system, which is something we have long campaigned for,” said Mr Eames.

“The £400m released to back the British Business Bank and an extension to the Funding for Lending scheme will also provide much needed cash for small businesses.

“For our long-term growth, the Chancellor is right to support young people via apprenticeships and to spend on infrastructure. “Our roads and rail urgently need updating. “The £15bn he has allocated for roads will upgrade our network and will go some way to boosting growth in our regions.”

Jim Davison, South East Region Director at EEF – the manufacturers’ organisation – based in Hook, said: “The Chancellor was right to place his emphasis on boosting productivity and the long-term resilience of the economy.

“He rightly said manufacturing is leading growth and firms will welcome positive step in making the UK a centre for innovation, with measures including the strengthening of the R&D tax credits and cutting tax on young apprentices.

“The investment in science and the boost for infrastructure are also helpful measures on the road towards rebalancing the economy.

“However, ultimately manufacturers would have liked to have seen greater levels of funding and longer-term commitments to spending on innovation.”