George Osborne has given British business a boost by introducing four annual reductions in the rate of corporation tax.
This will eventually take the rate down to 24% from its current figure of 28%, he said.
Osborne said the current rate of 28% is "less and less competitive" and the new rate will mean the UK will have one of the most competitive rates amongst G20 countries and countries in Western Europe.
It will also be the lowest rate the UK has known.
Osborne will cut corporation tax by 1% next year, with three further annual reductions.
In another move to be welcomed by businesses, the Chancellor said the Government will reduce the small companies tax rate from 21p to 20p.
Osborne also said he will not make steeper cuts in capital spending, which will be viewed as positive in terms of job creation.
Elsewhere, as widely expected, the coalition Government will raise the threshold at which employers start to pay NI by £21 per week.
"We will make it cheaper for companies to employ people," said the Chancellor.
The Chancellor said a new model of economic growth will be built on a sustainable private sector.
Avoidance, evasion and non-compliance
From 6 April 2019
Marcus Brookes appointed CIO
In association with Professional Adviser