Chancellor George Osborne delivered the 2013 Autumn Statement on 5 December 2013 providing an update on the government's plans for the economy based on the latest forecasts from the Office for Budget Responsibility. In his statement the Chancellor set out plans to boost business with cuts to business rates, the removal of employers' National Insurance Contributions (NICs) for under 21s and the launch of tax reliefs for regional theatre in line with a revised approach to close company loans.