Chancellor George Osborne used his final Budget statement of this Parliament to announce that “Britain is walking tall again” Promising a Budget that “does more to back businesses and make work pay”.

Some of the headlines of the budget report-

Economy

  • The economy grew 2.6% in 2014 – faster than any other advanced economy.
  • The Office for Budget Responsibility (OBR) has revised up its 2015 growth forecast to 2.5% (up from 2.4% at the Autumn Statement in December 2014 and 2.3% a year ago).

Employment

  • Unemployment fell by 102,000 in the 3 months to January 2015 and the employment rate is 73.3% – the highest level since comparable records began in 1971.
  • The OBR predicts that unemployment will fall from 5.7% at the end of 2014 to 5.3% this year.

National debt

  • The Chancellor plans to use funds from bank sales, lower interest charges on government gilts and a smaller welfare bill to pay down the national debt.

There are some excellent summary reports that have been prepared by Spofforths and NLP which are linked below

Click here for the Spofforths budget report

Click here for the NLP Economic Outlook budget report.