Autumn Statement: Chancellor outlines broadband and business investment plans

He also outlined a series of initiatives to help give Britain a competitive edge and prevent it being "out-smarted, out-worked and out-competed" by emerging economies.

These include the creation of a new Business Bank, which Osborne claimed would provide 1 billion worth of private lending support to SMBs.

Everything we do is supporting people who want to work hard and get on.

He also pledged greater financial support for the Regional Growth Fund and Local Enteprise Partnership scheme. Further details about the latter will be announced during the next Government Spending Review, he promised.

"We are also taking big steps today to support British companies who export to new emerging markets in Asia, Africa and the Americas," he added.

"I am increasing the funding for UK Trade and Investment by over 25 per cent a year, so it can help more firms...and maintain our country's position as the number one destination in Europe for foreign investment."

As part of this, he announced the launch of a new 1.5 billion export finance scheme that will support the purchase of British exports.

Furthermore, he confirmed that a planned 3 pence tax rise in petrol costs had been scrapped.

"The public know there are no miracle cures....The deficit and borrowing is down. Jobs are being created. Everything we do [is] supporting people who want to work hard and get on," he concluded.