Autumn Statement promises electricity rebates

Whitehall promised £250million in aid starting from 2013. Measures aim to mitigate the rise in electricity prices expected to follow the launch of the carbon floor price- which will bill firms £16 per tonne of carbon dioxide emitted. The Autumn Staement 2011 said: "The government is committed to ensring that manufacturing is able to remain competitive during the shift to a low carbon economy." The document did not clarify which manufacturing sectors were considered energy intensive. Any compensation will be subject to state guidelines, the Autumn Statement stressed. Manufacturers could also benefit from an increase in the level of relief from the Climate Change Levy on electricity to 90%. The Autumn Statement outlined the latest government reforms that aim to deliver a "rebalanced" UK economy. Headline proposals include: • a £20 billion National Loan Guarantee Scheme, to lower the cost of loans to small businesses, and a £1 billion Business Finance Partnership, which will lend to mid-sized businesses and small and medium sized businesses in the UK through non-bank channels. • increasing the Regional Growth Fund by £1 billion • providing £45 million to UK firms looking to export • making 100 per cent capital allowances available in six Enterprise Zones (Black Country, Humber, Liverpool, North Eastern, Sheffield, and Tees Valley). • an additional £200 million for science capital investment. • investing £55m into the Strategic Rail Freight Network • Reforms designed to streamline employment law. George Osborne, chancellor, said: "The measures I am announcing today will help us to achieve this by creating an environment in which businesses are easy to set up, have access to credit when they need it and are able to grow without being held back by red tape. This action supports our deficit reduction plan and the Government's monetary activism as we build a balanced economy."