George Osborne delivered the first wholly-Conservative budget for over 18 years, as he outlined the Government’s £12bn welfare reforms. Mr Osborne told the House of Commons that there would be a budget surplus by 2020 and promised that the Conservative Government is making sure “Britain is getting its house in order”.
Whilst outlining the £12bn welfare reforms the Chancellor said the pace of cuts will be over three years, not the originally planned two years: “We shouldn’t go faster. We shouldn’t go slower. The “rabbit” of this budget was the announcement of a national “living wage” which will see the national minimum wage for over 25s increased to £7.20 in April 2016 (still lower than the Living Wage which is currently £7.85).