Liberal Democrat leader Nick Clegg is in triumphant mood as he gives his views on the Budget to Lib Dem activists:
"As Liberal Democrats, our clear priority has been to bring about tax cuts to millions of ordinary hard working families.
"We said it, we promised it, today we've done it.
"There are many winners and indeed losers in any Budget.
"So who are the losers in the Budget? The millionaires who weren't paying their fair share.
"The winners are over 20 million basic rate taxpayers who will be £220 better off because of what we have just announced in the Budget today.
"This is a Budget every liberal can be proud of.
"We're proud of the fact that we have delivered the largest increase in the personal allowance ever.
"We are proud of the fact we have halved the tax bill for people working on the minimum wage.
"We are very proud that we are taking over two million people out of paying income tax altogether.
"We have delivered from the front page of our manifesto to the pay-packets of millions of ordinary working people."