The huffing and puffing is now over so what does it all mean? Here are the main headlines that are likely to affect smaller businesses:

• The Train to Gain Programme will be abolished.
• The state pension age will rise to 66 by 2020 for both men and women.
• Child benefit will be removed from families with a higher rate tax payer.

But it’s not all doom and gloom and there are several positive headlines to help business:

• The small company’s tax rate will be cut to 20%.
• Employers’ National Insurance threshold will rise.
• Government funding of £150m will ensure the Enterprise Finance Guarantee will continue for 4 years.
• Corporation tax will be reduced by 1% each year for the next 4 years until it reaches 24%.

This is only a fraction of the measures announced so now is the time to plan for the future. Even in the current climate there are always opportunities, so make sure you take advantage and stay ahead of your competitors.