Focussing on the size of Britain's debt, George Osborne has announced sweeping budget cuts to try and deal with the "extravagance" of labour's policies
Osborne's cuts include the child's benefit trust and cutting about £1bn in discretionary spending.
However he has agreed to protect schools from budget cuts, along with health care and international development.
The total amount the cuts come to is £6.25bn, with £500 thousand of that going towards investment.
The civil service is to have a hiring freeze, except in certain key areas, while the Treasury will have to approve all government salaries that come to more than the Prime Minister's.
Throughout the speech Osborne pushed for speed in dealing with the debt, saying "public borrowing is only taxation deferred," while slamming labour for its spending policies.
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