July Budget 2015: George Osborne's key announcements

The Chancellor's second budget of the year set out plans for a national living wage - and £12bn of welfare cuts

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The first all-Conservative Budget in nearly 20 years has been unveiled by Chancellor George Osborne – with welfare and tax cuts high on the agenda.

The government's controversial plan to cut £12bn from the welfare budget will now be carried out over four years instead of two, beginning with a Welfare Reform and Work Bill due to be published tomorrow.

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