The chancellor open his Budget speech to the House of Commons:
"This Budget rewards work. Britain is going to earn its way in the world. There is no other road to recovery.
"This Budget supports working families and helps those looking for work. It unashamedly backs business. And it is on the side of aspiration: those who want to do better for themselves and for their families.
"This Budget reaffirms our unwavering commitment to deal with Britain’s record debts.
"But because we’ve already taken difficult decisions, this can also be a reforming Budget that seeks to repair the disastrous model of economic growth that created those debts."