Skills and productivity boost take top spot in Chancellor’s Autumn Statement

"Lower inflation, lower unemployment and higher growth" are some of the main goals in the government's long-term economic plan, Chancellor George Osborne revealed during his latest Autumn Statement.

The chancellor pledged support for a country-wide productivity boost, quoting the latest stats from the Global Innovation Index, which places the UK in second place in the rankings, up from 14th in 2010. But he pledged to make Britain "the best" with added investment in research and development across the UK.

"To improve the productivity of our economy, we back business and we build infrastructure and we will support growth across the whole UK," he said.

The chancellor also expressed the Government's complete support taking the necessary measures in order to reduce youth unemployment as much as possible.

From April 2015, the Small Business Rate Relief will be doubled and the 'high street discount' — introduced as part of the government's High Street Innovation Fund earlier this year — will be increased to £1,500 from April 2015.

From April 2016 employers will not have to pay National Insurance contributions (NICs) for all but the highest earning apprentices aged under 25; an extension to last year's announcement to remove employer NICs for under-21s from 2015. Government-backed student loans of up to £10,000 will "revolutionise the support for our post-graduate students too," the Chancellor said.

Additionally, by freezing working age benefits for two years, and ending unemployment benefits for migrants with no prospect of work, Osborne hopes to incentivise people to find and stay in employment. According to OBR figures, 500,000 more jobs were created in the last year, 85 per cent of which were full-time roles.

From next year, the tax-free Personal Allowance will increase to £10,600, "a total wage boost for working people of £825 a year," Osborne said.

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