Surrey County Council confirmed the first council tax freeze in its history at a meeting of the Full Council today.

An extra £12m was pledged for road improvements over four years, with £4m of that earmarked for the coming financial year. An additional £22m in capital funding for major highways projects over four years was also confirmed.

In addition, the council made a commitment to several initiatives aimed at stimulating the economy and creating jobs in Surrey, including:

• Exploring the possibility of scrapping single and double yellow lines on stretches of road outside small shops
• Looking into setting up Surrey's own Dragons' Den-style fund and calling for the private sector to contribute £100,000 so start-up businesses can bid for investment
• Planning to give start-ups a year's holiday from paying business rates
• Awarding £21,000 to the Visit Surrey Partnership, which was set up to promote tourism in the county
• Pledging to help improve a major roundabout outside the Surrey Research Park at Guildford by supporting a bid to the government's Regional Growth Fund.

Surrey County Council leader Dr Andrew Povey, who pledged to freeze council tax and invest more in roads in his action plan for the first 100 days this year, said: "There will be no council tax rise from the county council. That is the best thing we can do for the people of Surrey. There will be more money for our highways. It will allow us to start to catch up with the backlog of repairs."

As part of the council's bid to stimulate Surrey's economy, he said: "Do we really need all the yellow lines in Surrey? I am asking local committees to see if they can do a review to support local shopkeepers and decide if there is a need for yellow lines.

"I am also seeking to set up our own Surrey Dragons' Den to create an investment fund for start-up businesses, particularly for under-25s. We can invest ourselves and I would like to see a set of businessmen or women coming forward with £100,00 on the table.

"Under the Localism Bill, it will be possible for ourselves and the district and borough councils to offer a charge-free period from business rates for start-ups and I am keen to examine this possibility.

"Because tourism is such a big industry in Surrey and these jobs are often part of small businesses, I am very pleased to support Visit Surrey with £21,000.

"There is a serious traffic problem outside the research park so I am pleased to say we will support a new junction at the roundabout, working with Guildford Borough Council and the University of Surrey."