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The Chancellor "did not accept" Labour's accusation voters were £1,600 worse off per year under the Coalition government and maintained the austerity programme had kept interest rates down.
"Ultimately, the folk who are just about to go out to work, they understand that having a job and having low interest rates are incredibly important to them and their families," George Osborne told Daybreak.
The Coalition was able to "take further action" to keep the lost of living down by freezing fuel duty, increase the personal tax free allowance and take young people out of jobs tax.
Beach huts in the small Suffolk town of Southwold appear to have taken a battering in the high wind and seas last night.
Sad looking beach huts this morning. http://t.co/eNJyhEWJ6r
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Emergency services across the Anglia region say the emergency response to the floods has gone, but warn the danger is not yet over.
The risk of flooding remains at high tide today, particularly in areas that have already suffered flood damage.
This video shows the whole of Scarborough seafront and large parts of the town underwater.
People are seen wading in water up to their waists in what appears to be the town's lifeboat shelter.
Sad news tonight that Nelson Mandela has passed away. He was awarded the Freedom of Liverpool in 1994 for his anti-apartheid work.
The Thames Barrier will close for a second time today to protect London from the high tide, according to the Environment Agency.