George Osborne's Autumn Statement - what it means to you

A new tax break was announced for married couples and there was some relief to motorists and train passengers suffering from the cost of fuel and fares.

A petrol tax rise of 2p next year was cancelled in the statement this afternoon, helping pin back the cost of driving.

And a one per cent rise in train fares due for January was also cancelled to leave them increasing only in line with inflation.

• Here's this afternoon's webcat with Richard Sheehan, chief executive of Shropshire Chamber of Commerce, Nick Jones of St James' Place Wealth Management and tax expert David Walker:

Mr Osborne had first announced at the autumn's Conservative Party conference that the 2014 petrol rise would be cancelled, but only if this was financially possible. He claimed the Government had knocked £11 off a tank of fuel through its restrictions on the levy, which was designed to increase every year.

With the rail rise being based on the RPI inflation rate in July 2013, the average rise in January 2014 will be 3.1 per cent rather than the expected 4.1 per cent.

Meanwhile, a new £1,000 transferable tax allowance for married couples from April 2015 was announced, with the Chancellor telling the House of Commons that it will be "just a start".

The allowance is to be automatically updated in line with income tax personal allowance. Four million families are set to benefit.

Families will also see £50 per year knocked off the cost of heating their homes as the chancellor rolled back the green levies.

He warned of "more difficult decisions" and acknowledged that the effects of the economic crash on family budgets were still being felt.

But he pledged: "The hard work of the British people is paying off and we will not squander their efforts."

Previously announced policies, including the introduction of free school meals for Year One and Two pupils, were also confirmed by the budget.

Mr Osborne also confirmed that the pension retirement age would increase to 68 in the 2030s, then 69 the following decade, while the flat rate of pension that is soon to be introduced has now been confirmed, with a £2.95 increase of the standard state pension from next year.

For businesses, the Chancellor confirmed the widely trailed cap in increases in business rates at two per cent from April 2014.

He also said £1,000 would be knocked off the bill for small businesses in the UK's high streets.

To tackle youth unemployment he announced that employer national insurance contributions for workers under 21 would be scrapped.

The steps taken by the Chancellor were today welcomed by business leaders in Shropshire.

Shropshire Chamber of Commerce chief executive Richard Sheehan, who took part in a live webchat with the Shropshire Star, said: "The rate cap will be welcomed by many businesses, and also the initiative to support the high street with the reoccupation relief, as it was described. That will support not only the businesses that move in but a local supply chain so it has to be seen as positive news.

"I would ask, however, whether it means £1,000 will be knocked off what is paid or the rateable value, and that needs clarification as it could mean only £460 less is paid, but any reduction is naturally good news. As businesses continue to strive to control their costs, cancellation of the fuel duty is good news, as it will help in a time when business energy prices in general are extremely challenging."

He added: "Businesses recognise they have a role to play in supporting our young people and will welcome the removal of national insurance contributions for under 21-year-olds."

Competition

The Chancellor also added that the Help to Buy scheme was set for two new entrants to the market in the form of the Virgin and Aldermore Banks, which will add competition to the sector.

Shropshire tax expert David Walker added: "He didn't mention increasing personal allowance beyond £10,000 which had been suggested. There was nothing on stamp duty for house purchases, either, although capitals gains taxes on non-residential properties will be popular.

"That seems to be driving house prices up with foreign money buying up property in London."

And Shrewsbury wealth manager Nick Jones said: "There was nothing too surprising with many headlines shared this week in advance.

"Generally most people will be slightly better off, but the devil will be in the detail."

But the Autumn Statement was criticised by Shadow Chancellor Ed Balls. He said: "Surely we can do better than this. With this out-of-touch Chancellor and Prime Minister, hardworking people are worse off under the Tories."

Mr Balls said there was no mention of universal credit, the big project of Iain Duncan Smith, Secretary of State for Work and Pensions. He joked that Iain Duncan Smith's initials, IDS should stand for "in deep shambles".