Britain's Finance chief has been setting out a new budget with the aim of creating a "lower tax, lower welfare" country.
Chancellor George Osborne is delivering the first Conservative party budget since 1996, after winning May's general election without the need for a coalition government.
The Conservatives were elected on a manifesto to cut around 16 billion euros in welfare spending, however Mr Osborne indicated these cuts will be spread over a longer time frame than previously planned.
He has also raised the personal tax threshhold, scrapped so called non-dom status which allows the wealthy to avoid UK tax and replaced student maintenance grants with loans.
The Chancellor said his budget would revive the country's economy which is expected to 2.4 per cent this year.
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The Chancellor said his budget would revive the country's economy which is expected to 2.4 per cent this year. He said it was made possible by the Conservative's recent election success.
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OUT: ...United Kingdom.
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