MAJOR transport improvements, a freeze in fuel duty and a major overhaul of stamp duty have formed part of this year's Autumn Statement.

Chancellor George Osborne also announced a major review of business rates, £2bn annual funding for the NHS and new loans for postgraduate university students.

During the speech at the House of Commons today, he said the UK's economy would grow by three per cent next year.

Among the announcements were the extra cash for the NHS, and £15bn on improvements to roads including the M3, M27, M271 and A31.

During his speech Mr Osborne said: ''Now there are those who say we should cut even faster, and those who say we should cut more slowly.

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The M3

''But we've got the pace right - as clearly demonstrated by the fact that our economy is growing faster than almost any other.

''And because of careful management, we can afford to put part of that underspend money into our National Health Service to cope with the pressures it faces.''

It had been predicted that the Chancellor would be unable to make any major promises ahead of next year's General Election, but he announced a major overhaul of stamp duty that would mean 98 per cent of people selling a house would pay less.

The change in stamp duty, which will cost the Treasury £730m every year in lost tax, means people selling their homes may now pay less tax.

People selling a £275,000 house - the average in the UK - could save £4,000 in tax, while people buying homes worth £185,000 will pay £650 less.

By contrast, homeowners selling properties worth £2.1million would pay an extra £18,750 in tax.

Labour's Shadow Chancellor Ed Balls said the Chancellor had questions to answer about living standards, wages and tax receipts, adding: ''There is a cost of living crisis.''

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Ed Balls

And taunting the Chancellor's missed target on the deficit, Mr Balls told MPs: ''He is going to carry on missing his deficit targets for year after year.''

Stewart Dunn, Chief Executive of Hampshire Chamber of Commerce, said: "I think the stamp duty reform is good news because it will stimulate the property market and will help the economic position of the country.

"Overall I would say the statement, against the backdrop of lower unemployment and borrowing and the forecast on the economy, is welcome.

Daily Echo:

Stewart Dunn

"I think it should help create jobs, stimulate the economy and put much-needed vibrancy into the property market."