1. Executive summary

This is a Budget that puts security first. It ensures economic security for working people by putting the public finances in order and setting out a bold plan for a more productive, balanced economy.

1.1 Fixing the public finances and running a surplus

The government’s long-term economic plan has laid the foundations for a stronger economy, and the UK’s recovery is now well established. The labour market remains strong, and in the 3 months to April 2015, employment was around record levels at 31.1 million.

1.2 Economic forecast

The Office for Budget Responsibility (OBR) forecasts GDP growth of 2.4% in 2015, 2.3% in 2016, and 2.4% for the remainder of the forecast period.

2. The UK economy and public finances

2.1 UK economy

The government’s long‑term economic plan has secured the recovery. The government’s fiscal responsibility has allowed monetary activism to support demand in the economy alongside repair of the financial sector. This has been supported by supply-side reform to deliver sustainable increases in standards of living.