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A new “National Living Wage” would be introduced for people aged over 25, coming in at £7.20 in April and rising to £9 to 2020.

It will be surprising to many, with Osborne’s “lower tax society”, that the Budget increased tax, with the increases roughly twice the size of the cuts in aggregate.

“It was great to be at the first all Conservative budget for 18 years and to see some really sensible changes made that will continue the recovery and protect those on lower incomes”, he said.