Budget 2013: Pubs and brewers to benefit from fuel duty rise scrap

That’s the extra cut in taxes that will impact on pubs and breweries, on top of the beer duty escalator scrap.

George Osborne told the House: “Today, I am cancelling this September’s fuel duty increase altogether.

“Petrol will now be 13 pence per litre cheaper than if we had not acted over these last two years to freeze fuel duty.”

Corporation tax has also been cut to 21% next year, and 20% in April 2015.

“Britain will have a 20 per cent rate of corporation tax – the lowest business tax of any major economy in the world,” said Osborne.

“That’s a tax cut for jobs and growth.

“We will have achieved in one Parliament in these difficult times the largest reduction in the burden of corporation tax in our nation’s history.”

Osborne announced that the Government is “actively considering with the Bank of England whether there are potential extensions to the successful Funding for Lending Scheme that will boost lending still further”.

He added: “And we are also setting out our plans for lending from our new Business Bank.”

Osborne revealed plans to take the first £2,000 off the employer National Insurance bill of every company as part of Employment Allowance.

“It’s a tax off jobs. It’s worth up to £2,000 to every business in the country,” said Osborne.

“And it will mean that 450,000 small businesses – one third of all employers in the country - will pay no jobs tax at all.

“For the person who’s set up their own business, and is thinking about taking on their first employee – a huge barrier will be removed.

“They can hire someone on £22,000, or four people on the minimum wage, and pay no jobs tax.

“98% of the benefit of this new Employment Allowance will go to SMEs (small to medium enterprises).”