Ministers have implemented tax cuts worth £11 billion to help grow the economy in 2014 and 2015, the government says.

The cuts going live this week include those to employment costs, business rates, corporation tax and real-terms fuel costs.

Today:

- Cutting corporation tax from 23% to 21%. It has fallen from 28% in 2010 and will fall further to 20% in April 2015

- Doubling the Annual Investment Allowance – tax relief for investment in plant and machinery – to £500,000, and extending by a further year to December 2015, meaning 99.8% of businesses will pay no tax on capital investment

- Reforming business rates so that the annual increase is capped at two per cent; the small business rates relief is extended for a further year, so that over half a million of the smallest businesses pay reduced rates and over a third of a million pay no rates at all

- Targeted help for the high street will be provided in the form of a £1,000 discount for retail properties, benefitting around 300,000 shops, pubs and restaurants

- Freezing fuel duty so that it will be 20p per litre less than under inherited plans

On Sunday:

- The employment allowance comes into effect, representing an up to £2,000 cut in employer National Insurance Contributions

However, speaking yesterday Labour’s shadow chief secretary to the Treasury Chris Leslie said the government needed to do more to help young people into work.

He said: “While he has been chancellor the number of young people stuck on the dole for more than 12 months has almost doubled and the number of people who want to work full-time but have had to take part-time jobs is at record levels.”