Osborne quoted data and projections from the Office for Budget Responsibility relating to economic growth, inflation and borrowing.

He therefore made no further sweeping changes, but announced a Budget "about reforming the nation's economy, so that we have enduring growth and jobs in the future.

[2] Osborne announced that in April 2012, the personal tax allowance would be increased by £630 to £8,015, in line with Liberal Democrat policy.

Instead he increased the supplementary charge levied on North Sea oil and gas companies from 20% to 32%, generating £2 billion to finance an immediate cut in duty of 1p per litre.

[4] The Budget also provided £250 million, financed by the bank levy, to boost the home construction industry and to help first-time buyers with incomes of up to £60,000 to buy a new-build property.

[10] In his 2010 Autumn Statement, Osborne said the Office for Budget Responsibility had increased its growth forecast for 2010 from 1.2% to 1.8%, but reduced its predictions for the following two years.

An initiative to counter tax avoidance with a target of £500 million per annum was announced in December 2010, but the expected take had doubled to £1 billion by March 2011.

[15] Ed Miliband, Leader of the Opposition, responded with sarcasm to the Budget's stated goals of growth and recovery.

He said that the economic slowdown in the last quarter was evidence that the Government was going "too far, too fast" to reduce the deficit, and accused Osborne of indifference to social damage.

However, speaking for the Trades Union Congress, Brendan Barber welcomed some measures including help for apprenticeship and the cut in fuel duty, but said that overall it had been a "no change Budget".

"[22] In response Osborne increased the Ring Fence Expenditure Supplement allowance for development costs, and Statoil resumed work on the fields.