Chancellor of the Exchequer George Osborne on Wednesday said the UK will need to borrow less and the economy will be slightly stronger than previously thought - the first time the UK has been able to cut its borrowing target and raise its growth forecast since the financial crisis.

The headline measure was a cut to the top rate of tax to 45% from 50% on incomes over £150,000, but the chancellor justified the measure by saying he would collect five times more revenue from the wealthy by increasing property taxes on expensive properties and by clamping down on tax avoidance. Outlining a budget he said is "fiscally neutral," Osborne once again insisted that there is no alternative to his austerity program, saying stability comes first and that said he will stick with tough spending cuts in order to retain the confidence of bond investors and the government's AAA credit rating, which two agencies have recently warned is under threat.