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(HM Treasury website)

The Budget builds on action announced in the 聽and the 聽last June to rebalance the economy from unsustainable public spending towards exports and investment.聽 This should support the UK鈥檚 long-term economic potential and help to create new jobs.

Returning the UK to sustainable, balanced economic growth is the Government鈥檚 overriding priority.

The Budget set out the action the Government will take in three key areas:

• Creating a Strong and Stable Economy: A strong and stable economy is essential for lasting prosperity. The Budget sets out a fiscally-neutral package of measures that means the Government remains on course to deliver its plan to tackle the deficit.
• Growth: The , published聽with the聽Budget, sets out a package of measures to support private sector investment, enterprise and innovation.聽 This includes measures to increase the competitiveness of the UK tax system; reduce the burden of regulation; and increase incentives for business investment.
• Fairness: Fairness is central to the Government鈥檚 economic policy.聽 The Budget sets out the next steps in realising a fair, simple and efficient tax, benefit and pensions system that rewards work, saving and personal responsibility.

Introducing聽the Budget to the House of Commons, George Osborne said:

Last year鈥檚 emergency Budget was about rescuing the nation鈥檚 finances, and paying for the mistakes of the past.

Today鈥檚 Budget is about reforming the nation鈥檚 economy, so that we have enduring growth and jobs in the future.

And it鈥檚 about doing what we can to help families with the cost of living and the high oil price.

Read more about the Budget on .