I now call the right honourable George Osborne, Chancellor of the Exchequer.

Mr Deputy Speaker, today I report on an economy set to grow faster than any other major advanced economy in the world.

I report on a labour market delivering the highest employment in our history.

And I report on a deficit down by two-thirds falling each year, and I can confirm today

on course for a budget surplus.

The British economy is stronger because we confronted our country's problems and took the difficult decisions.

The British economy is growing because we didn't seek short-term fixes but pursued a long-term economic plan.

The British economy is resilient because whatever the challenge, however strong the headwinds,

we have held to the course we set out.

I must tell the House that we face such a challenge now.

Financial markets are turbulent. Productivity growth across

the West is too low. And the outlook for the global economy is weak. It makes for a dangerous

cocktail of risks, but one that Britain is well prepared to handle if we act now so we don't pay later.

Now, Mr Deputy Speaker, Britain has learnt to its cost what happens when you base your

economic policy on the assumption that you have abolished boom and bust.

Britain is not immune to slowdowns and shocks, but nor as a nation are we powerless. We have a choice.

We can choose to add to the risk and uncertainty, or we can choose to be a force for stability.

In this budget, we choose to put stability first.

Britain can choose, as others are, short-term fixes and more stimulus, where we can lead

the world with long-term solutions to long-term problems.

In this budget, we choose the long-term.

We choose to put the next generation first.

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