Osborne aiming to create 2m more jobs

Osborne aiming to create 2m more jobs

Chancellor George Osborne has pledged to create 2m more new jobs - a whole 1m more than is predicted will be created by the Office for Budget Responsibility.

Mr Osborne, addressing Parliament now, said in his Budget speech that the Conservatives would “make work pay” and as part of his plan to support businesses would help the country create a further 2m jobs.

“Jobs are not created by accident but when businesses have confidence to invest and grow and hire,” he said.

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The UK is also predicted to the the fastest growing of any major developed economy, Mr Osborne claimed.

He said economic growth in 2015 would be 2.4 per cent, 2.3 per cent in 2016 then revised up to 2.4 per cent in 2017 and 2.4 per cent for the rest of the decade.

In terms of the deficit, Mr Osborne said it would reach 3.7 per cent, then fall to 2.2 per cent in 2016/17, then 1.2 per cent in 2017/18 before reaching 0.3 per cent in 2018/19.

It would then be in surplus of 0.4 per cent in 2019/20 and 0.5 per cent in 2020/21.

He said the national debt would hit £80.3bn this year but fall to £79.1bn next year, £77.2bn in 2017/18, £74.7bn in 2018/19, 71.5bn in 2019/20 and then £68.5bn in 2020/21.