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

Chancellor of the Exchequer George Osborne delivers his Budget statement to the House of Commons (PA)

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.