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“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.

Osborne said that the Office for Budget Responsibility (OBR) claimed the national living wage would have only a “fractional” effect on jobs.

“A huge amount has already been done to increase efficiency across Whitehall, with administrative budgets down by over 40 per cent in real terms, but there’s still much more we can do”.

“As a result of this budget farmers and other rural businesses are presented with significant inflation in wage costs and the cut in corporation tax that is supposed to pay for it will not benefit them”, said CLA President Henry Robinson.

But the Chancellor also took advantage of a windfall from higher-than expected tax revenues to slow the pace of the £12 billion welfare reductions – saying the annual cut will not be fully implemented until 2019-20, two years later than previously planned.

George Osborne announced a lot of headline grabbing measures in his summer Budget.

With a preamble that Britain deserves a pay rise, Mr. Osborne, who is the 74th Chancellor, announced the creation of a new National Living Wage, which will start at £7.20 from next year a reach £9 by 2020. Benefits have been frozen for four years, with savage cuts for people on the lowest incomes.

In a step that will intensify fury over plans to give MPs an 11% pay rise this year, public sector employees now face four more years with increases capped at 1%. When you do take them on board, Osborne’s promise of £7.20 an hour looks especially paltry.

Osborne stated in regard to the Non-Domicile tax status that, although a long standing feature of the United Kingdom tax system which played an important role, there was an unfairness in the non-dom regime that he was putting a stop to today.

He added: “I particularly welcome the increase in the personal allowance and the introduction of the mandatory National Living Wage which will put more money into the pockets of my hard working and aspirational constituents”.

Students will also be impacted, with maintenance grants for those from poorer backgrounds to be abolished from 2016/17, to be replaced by loans.

“It’s humiliating for the Scottish Government to demand devolution of the minimum wage, only to set it at a lower rate than the rest of the United Kingdom”.

Landlords, however, were left unhappy by the chancellor’s decision to reduce mortgage interest relief on buy-to-let properties.