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Budget: Osborne unveils home-building plans

George Osborne reveals an extension of the Help to Buy scheme and plans for new garden city with 15,000 new homes.

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Osborne: No turning away from deficit reduction

While he said that the economy was "on the mend", Chancellor George Osborne reaffirmed there would be no deviation from his deficit reduction strategy.

He said the deficit was still too high, which is why public sector workers face another year of pay restraint and welfare spending will be capped from 2015.

My Budget next week will set out what we must do to build a resilient economy.

We must not waver from our plan to reduce the budget deficit and deal with Britain's debts. That plan has delivered economic stability and low mortgage rates for families and it has laid the foundations for economic recovery.

None of these decisions are easy, but the alternatives are worse.

We've made huge progress dealing with the debts we inherited, but finishing the job will require further difficult decisions in the next parliament.

– George Osborne

He warned that the "single biggest risk" would be to change course just as the current strategy was delivering results.

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