Mr Osborne said that the Budget would pave the way for the Government to finish the job of eliminating the deficit. He argued that the British economy was fundamentally stronger than five years ago, but the crisis in Greece showed how dangerous it would be to become complacent about the nation’s improving finances.
With the Conservatives now holding an overall majority, the Chancellor had the chance to introduce long-awaited changes to Inheritance Tax (IHT) and further cuts in Corporation Tax. Elsewhere adjustments to income tax thresholds are expected to benefit around 29 million people.
Critics will argue that the dramatic changes to tax credits will hit many working families, although Mr Osborne tried to counter this with the headline-grabbing announcement of a National Living Wage.
“One purpose, one policy, one nation,” he concluded.
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