Mr Osborne said: “This is a Budget which puts security first and recognises the sacrifices of the British people.

“This will be a budget for working people, which sets out a plan for the next five years. This is a Conservative budget, which can only be delivered because the people trusted us to finish the job.

“The British economy is fundamentally stronger than it was five years ago... our long-term economic plan is working.”

For 2015 the OBR forecast growth at 2.4%. That is faster than America, faster than Germany and twice as fast as France.

The OBR forecasted that under the current economic conditions, almost a million more jobs will be created over the next five years, he said.

Mr Osborne had a warning, however, saying: “The greatest mistake we could make is to think our problems are all solved. Britain still spends too much, borrows much and our weak productivity shows we don’t invest or train enough.”

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He pledged to be bold in backing the aspirations of working people.

Mr Osborne said: "This is a big Budget for a country with big ambitions. It is a Budget that sets the way to secure Britain’s future.”

He declared that there would be a Budget surplus by 2019-20.

Mr Osborne said: “How fast do we cut the deficit? My answer is to do it at the same pace as the last Parliament. We shouldn’t go faster. We shouldn’t go slower.”

The deficit this year is forecast to fall to 3.7% - one third of the deficit inherited from Labour in 2010, he said.

The borrowing figure was £153bn a year in 2010, he said and he declared: “Britain has left the age of irresponsibility behind.”