Today, the Chancellor of the Exchequer delivered his 2011 Autumn Statement to Parliament.
Responding to the Office of Budget Responsibility's updated Economic and Fiscal Outlook, the Chancellor has set out details of further action the Government will take to protect the UK from global instability and the euro area crisis and build a stronger, more balanced economy for the future.
The Chancellor announced permanent reductions in spending to ensure that the UK meets its fiscal targets, using some of those savings in the short term to fund infrastructure investment to generate long-term growth.
Alongside this, he announced measures to help households and businesses cope with higher inflation and to ensure that deficit reduction is implemented fairly.
The Chancellor of the Exchequer, George Osborne, said:
"We are committed to making Britain the best place to start, finance and grow a business.
"The measures I am announcing today will help us to achieve this by creating an environment in which businesses are easy to set up, have access to credit when they need it and are able to grow without being held back by red tape.
"This action supports our deficit reduction plan and the Government's monetary activism as we build a balanced economy."
The full Autumn Statement 2011 can be read here.