‘A big budget for a country with big ambitions’
The first Conservative budget in 18 years has been delivered by the Chancellor George Osborne.
Figures from the Office for Budget Responsibility (OBR) provided a positive backdrop to the second Budget Statement in 4 months. Economic growth in 2014 was revised upwards from 2.6 percent to 3 percent and the OBR now predicts output to grow 2.4 percent in 2015 – the strongest growth among G7 economies.
However, the Chancellor warned that the UK is not immune to economic risk, with uncertainty over the Greek debt crisis and slowdowns in the US and Chinese markets weighing on the global economy.
Against this economic background, the Chancellor pledged to deliver a “budget that puts security first”.
Read the full Summer Budget Report 2015