The British finance minister has used the first conservative party budget in nearly 20 years to reshape the world’s fifth-largest economy.<br /><br /> George Osborne also announced a new so-called national living wage which will reach the equivalent of 12.50 euros an hour, up from the current 9 euros. <br /><br /> “This will be a budget for working people, a budget that sets out a plan for Britain for the next five years to keep moving us from a low-wage, high-tax, higher welfare economy, to the higher wage, lower welfare country, lower tax country we intend to create,” said Osborne.<br /><br /> However he also said it will take four years, not three, to achieve his aim of turning Britain’s budget deficit into a surplus.<br /><br /> Osborne also announced an overall cap on social welfare payments will be lowered sharply, and workers on higher salaries will have to pay more in rent for public housing.
