On 16th March 2016, the Chancellor George Osborne stepped up to the despatch box to deliver his eighth Budget.
This was arguably one of the most challenging speeches he has had to deliver since he took charge of the Treasury almost six years ago, made in the shadow of economic uncertainty and an imminent referendum on Britain’s EU membership.
Last autumn, Mr Osborne was given unexpected room for manoeuvre by some rather generous forecasts from the Office for Budget Responsibility (OBR). In the last few months however, the economic situation has deteriorated and the Chancellor has broached some of his own fiscal rules.
Addressing the Commons, he emphasised the importance of a long-term plan and said the Government had chosen “sound public finances to deliver security”. Although critics were quick to point out that Mr Osborne had missed his target for cutting the national debt.
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