Highlights of George Osbornes speech

A devolution revolution. We’re going to allow local government to keep the rates they collect from business. All £26 billion of business rates will be kept by councils instead of being sent up to Whitehall. Local areas will be able to cut business rates as much as they like to win new jobs – and new mayors, if they have the support of the business community, will be able to add a premium to build for their city’s future. This is the biggest transfer of power to our local government in living memory.

Building the share owning democracy. Next Spring we will make Lloyds shares available to every member of the public. They’ll be offered at a discount. Small shareholders will get priority and long-term investors will get a bonus. More information can be found at https://www.gov.uk/lloyds-share-offer

A major plan to get Britain building. I’m not prepared to turn around to my children and say I’m sorry we didn’t build for you. So we will set up an independent National Infrastructure Commission to work out what the country needs to build for its future. It will hold any Government’s feet to the fire if it fails to deliver. We’re also sweeping away planning rules on brownfield sites and creating half a dozen British Wealth Funds to invest billions in British infrastructure.

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