George Osborne MP has vowed to take ‘determined action’ at the start of today’s Emergency Budget.

 Osborne kicked off his first Budget as Chancellor of the Exchequer by reading a series of predictions from the newly introduced Office for Budget Responsibility.

The OBR predicted economic growth of 1.2 per cent this year, 2.3 per cent next year, 2.8 per cent in 2012, 2.9 per cent in 2013 and then 2.7 per cent in 2014/15.

Unemployment was predicted to peak this year at 8.1 per cent, reducing to 6.1 per cent by 2015.

Osborne added that the Budget dealt decisively with the UK’s record debts while simultaneously protecting the most vulnerable in society.

He said, ‘Yes it is tough, but it is also fair. This is an emergency budget. The coalition government has inherited the largest budget deficit of any economy in Europe with the exception of Ireland.

‘We have not inherited a creditable plan to reduce this record deficit and have set a brisk pace since taking office. This early, determined action has earned us credibility in international markets. Market interest rates for Britain have fallen in recent weeks while those for many of our neighbours have increased.’

Osborne promised not to hide hard choices from British people.

He added, ‘I am not going to bury them in the small print of the Budget document – the British public are going to hear it straight from me at this dispatch box.’

More to follow....

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