The Chancellor set out his plans to eliminate the deficit – although the pace of the reduction is set to be far slower than some expected. The first Budget surplus, forecast to be around £10billion, will not arrive until 2020.
Nonetheless, another round of departmental budget cuts will be required, with further details on these savings set to be announced in the autumn.
Of the £17billion savings confirmed today, Mr Osborne said that £12billion would come from welfare cuts and £5billion from a further crackdown on tax evasion/avoidance.
Previously announced cuts in personal taxation were confirmed, while the Chancellor moved to position the Conservatives as the party of working people with the announcement of a compulsory Living Wage.
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