George Osborne has pledged to create a "higher wage, lower tax, lower welfare" Britain as he unveiled the first Tory-only Budget for nearly 20 years.
The Chancellor pointed to the Greek crisis as evidence that a "bold new settlement" is needed, saying Britain was still "borrowing too much and spending too much".
"This is the new settlement from a one nation government," he said. "This is a big budget for a country with big ambitions."