'Biggest business tax cut in modern history'

In what he called the biggest business tax cut in modern UK history, the Chancellor unveiled an Autumn Statement package of 110 measures in a bid to boost growth.

- Steph Spyro

He announced a tax break allowing businesses to cut bills if they invest in new equipment would be made permanent.

The policy, known as "full expensing", means companies can take the cost of plant and machinery out of their pre-tax profits, saving them from having to pay levies on the equipment.

It aims to encourage firms to invest, and in turn, lead to economic growth.

Mr Hunt said a company would shave £250,000 off their tax bill in the same year for every £1million it invested.

Saying the UK could become Europe's "most prosperous" economy, he added: "In the face of global challenges, we have halved inflation, reduced our debt and grown our economy. As a country, we are sticking to a plan that is working.

"This Autumn Statement for growth will attract £ 20 billion more business investment a year in the next decade, bring tens of thousands more people into work, and support our fastest growing industries.