UK Treasury Chief Jeremy Hunt on Wednesday announced a plan that he hopes will speed up Britain's stagnating economy.
Hunt also said he would extend help for households hit by soaring energy bills and freeze a tax on fuel.
Hunt said; "In the face of enormous challenges, I report today on a British economy which is proving the doubters wrong.
"In the autumn we took difficult decisions to deliver stability and sound money."
Hunt added; "Since mid-October, 10-year gilt rates have fallen, debt servicing costs are down, mortgage rates are lower and inflation has peaked. The International Monetary Fund (IMF) says our approach means the UK economy is on the right track."
He also announced a new incentive for business investment that will allow companies to offset 100% of their capital expenditure against profits.
Other measures included more investment in nuclear power.
Hunt also said the government would add 11 billion pounds ($13.28 billion) to the defence budget.
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