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In his Budget, the chancellor has announced changes to income tax with a new personal allowance of 拢11,500.

He said that meant basic level taxpayers would be be paying more than 拢1,000 less annually than they did five years ago.

He also announced the raising of the threshold for paying the top rate of tax to 拢45,000, which would take 500,000 people out of the band.

He closed his speech by describing it as a "Budget for working people", adding it would reach a surplus so that the next generation would not be paying off today's debts.