Budget 2015: Watch George Osborne deliver first Conservative Budget in 19 years - video

Video: The Chancellor delivered the first Budget since the Tories won a majority in May's election

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The Independent Online

George Osborne has delivered the first Budget of the new Parliament, introducing a new national living wage for all workers aged over 25, starting at £7.20 an hour from April next year and rising to £9 by 2020.

The Conservative Chancellor pledged to create a "higher wage, lower tax, lower welfare" Britain, arguing that the ongoing crisis in Greece was evidence that a "bold new settlement" was needed. He argued that despite the last five years of Conservative-led government, the county was still "borrowing too much and spending too much".

"This is the new settlement from a one nation government," he said. "This is a big budget for a country with big ambitions."

"Our long-term economic plan is working," Mr Osborne told MPs. "But the greatest mistake this country could make would be to think al our problems are solved.