The Chancellor will need to reduce borrowing by £32bn in 2019-20 – the biggest ever annual cash consolidation – in order to meet his Budget surplus target by the end of parliament.
Welfare
2015 Summer Budget Summary
The Chancellor looked confident and relaxed, as well he might with the support of a Conservative majority behind him. It would, he said, be ‘a Budget for working people, as Britain looks to create a higher wage, lower tax, lower welfare country.’