A RANGE of measures introduced by the Government will help businesses in Plymouth 'prosper', ministers insist.

In his recent Autumn statement, Chancellor George Osborne made a series of announcements on business rates in the light of the current tough economic conditions.

This included extending the existing small business rate relief holiday for a further six months to April, 2013.

It would mean many businesses would continue to not pay any levy at all over the period, according to the Government.

Mr Osborne also moved to ease pressure on businesses concerned at a time of stalled growth about the 5.6 per cent increase in business rates due to take effect in April.

Businesses are to be given the opportunity to defer 60 per cent of the rise to be repaid equally across the following two years.

Local government minister Bob Neill said: "This will give businesses flexibility to manage their rates bills in the current economic climate and help their cashflow."

The Chancellor also announced a £40 billion "credit easing" scheme to make it simpler to underwrite bank loans to small firms.

Mr Osborne says it will cut the average interest rate for those businesses by one per cent.

Highlighting the steps to support firms , Mr Neill said: "Taken together, the support provided through these measures will help businesses across the country to prosper."

It came as further details were announced over the extra £1billion boost to the Regional Growth Fund announced in the Chancellor's Autumn Statement.

It takes the total amount earmarked for the scheme to £2.4billion.

Princess Yachts, the city-based luxury boat builder, benefited from £5million in the last round.

Deputy Prime Minister Nick Clegg announced there will be at least two further rounds of bidding, the first in February next year.

Mr Clegg said: "With this targeted support for companies we're unlocking private sector investment, with at least £5 put in for every £1 of public money."

Business Secretary Vince Cable said: "This fund is helping businesses across the country to create jobs – giving them the support they need to turn new ideas into actions that will drive their growth and future success.

"The Regional Growth Fund is already having an impact, with more than 50 per cent of the projects from the first round already up and running.

"The extra £1 billion we are investing will enable us to build on this success and deliver a shot in the arm to local economies."