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Since 2010, the government has pursued a long-term economic plan that has halved the deficit as a share of economy in 2014, employment has reached record levels, and wages are rising above inflation. At 4.9%, the deficit remains too high, and productivity remains too low.

The economy is still too unbalanced, and more needs to be done to build up the nations and regions of the UK, and to close the productivity gap between the north and south.

However, Britain is still running a 4.9% deficit, and debt is above 80% of .

As seen in recent weeks, the risks from abroad, not least within the euro area, demonstrate the need to secure the UK’s economic recovery.

The government will continue to reduce the deficit by around 1.1% of a year on defence for the rest of the decade, and that spending on the NHS in England increases by £10 billion per annum in real terms by 2020-21.

This Budget sets out the action the government will take to: 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.

Earnings growth is continuing to strengthen, with earnings up 2.7% over the year in the 3 months to April 2015.

Living standards are forecast to be higher in 2015 than they were in 2010, and are expected to continue to grow over the forecast period.

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.

It supports national security by investment in defence.

It sets out bold reforms on tax and welfare, and introduces a National Living Wage so we move Britain from a low wage, high tax, high welfare economy to a higher wage, lower tax, lower welfare economy.

It delivers on the promises on which the government was elected.

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