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This Budget ensures that the welfare system is fair to taxpayers while supporting the most vulnerable, and builds an economy based on higher pay, lower taxes and lower welfare.
It ensures that the richest are paying a greater share of tax than they were at the start of the last Parliament, whilst the poorest continue to receive the bigger share of spending.
The government will continue to reduce the deficit by around 1.1% of a year on defence for the rest of the decade, and that spending on the NHS in England increases by £10 billion per annum in real terms by 2020-21.
The government’s fiscal responsibility has allowed monetary activism to support demand in the economy alongside repair of the financial sector.This Budget sets out the action the government will take to: The government’s long-term economic plan has laid the foundations for a stronger economy, and the UK’s recovery is now well established.The labour market remains strong, and in the 3 months to April 2015, employment was around record levels at 31.1 million.It sets out bold reforms on tax and welfare, and introduces a National Living Wage so we move Britain from a low wage, high tax, high welfare economy to a higher wage, lower tax, lower welfare economy.
It delivers on the promises on which the government was elected.This Budget: The best way to create jobs and raise living standards over the long term is to support business and increase productivity by making it more competitive and by prioritising investment in skills and infrastructure.