Chancellor George Osborne has presented the Government's first Budget - a five year plan to rebuild the economy based on responsibility, freedom and fairness.
"This emergency Budget deals decisively with our country's record debts", Osborne said.
After the longest and deepest recession since the Second World War, the Emergency Budget shows how the Government will make the tough choices required to tackle Britain's record deficit.
The Budget focuses on getting the public finances back under control, and providing a springboard for a private sector-led recovery with balanced growth across sectors and regions.
Osborne expressed regret that "this unavoidable budget" had to include an increase in taxes, saying "we've had to pay the bills of past irresponsibility". But he emphasised that the burden is fairly shared.
"Today we have paid the debts of a failed past and laid the foundations for a more prosperous future", he concluded.
Click here to read his speech in full
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