Speaking, George Osborne said:
"This is a Government that backs all our businesses, large and small. We understand there is no growth and no jobs without a vibrant private sector and successful entrepreneurs. So this spending review delivers what businesses need.
"Businesses need competitive taxes. I’ve already announced a reduction in our corporation tax rate to 18%.
"Our overall review of business rates will report at the Budget, but I am today helping 600,000 of our smallest businesses by extending our small business rate relief scheme for another year.
"Businesses also need an active and sustained industrial strategy. That strategy launched in the last parliament continues in this one."
