Business groups gave a warm response to today’s Autumn Statement, with measures announced supporting exporters, innovation and firms looking for funding.

In his statement, chancellor George Osborne laid out a series of tax-and-spend measures in a vote-grabbing package ahead of the general election next May.

Top of the picks was stamp duty reform on residential property, withdrawing the large increases in the tax at set house values. From Friday, homebuyers will pay extra stamp duty on parts of the property price falling within in each band.

Fuel duty was frozen again, while the ISA tax-free threshold was increased slightly. The top band of income tax nudged up to £42,385 while the tax-free lower threshold jumped to £10,600 – both come into effect in April.

For entrepreneurs and small businesses, business rates increases will be limited to a maximum of 2% a year, tax credits will be extended for research and development and an £45 million will go towards supporting exporters.

Reacting to the news business groups said the changes were overwhelmingly positive, including in many cases support for measures to claw money from wealthy tax avoiders, banks and large corporates who declare profits in other countries in order to pay less tax.

Selecting key measures within the statement, Malcolm Small, senior policy adviser to the Institute of Directors, said: “The announcements of further support for SME lending through the British Business Bank and the Funding for Lending scheme are to be warmly welcomed.

“However, imposing new taxes on banks, whilst making great headlines, could see a reduction in business lending. Singling out individual parts of our interdependent economy for extra taxation is not a good principle to follow.

“The decision to consult on removing regulatory barriers to crowd funding and peer to peer lending is very positive, as these both hold great potential for businesses.”

Julian David, CEO of techUK, the industry lobby of the technology industry, added: “The focus on skills, exports, science and infrastructure will all help the UK to compete successfully in the global digital economy.

“The UK tech sector has been an engine for growth over the last five years and today’s announcements will strengthen its long-term prospects, particularly in the North.”