These are the biggest changes Chancellor George Osborne has made in the first Tory Budget for 19 years.
He introduced a new National Living Wage of £7.20 an hour, which will increase to £9 an hour by 2020.
Child tax credits will be limited to two children born after April 2017 and housing benefit to under 21s will be scrapped.
The amount of money people can inherit before tax has been raised to £1 million.
New compulsory national living wage of £7.20 a hour with Iain Duncan Smith shouting "fantastic" Low Pay Commission to recommend #budget2015
Chancellor George Osborne has announced a National Living Wage will be introduced, for working people aged 25 and over.
It'll start in April 2016 at £7.20 an hour and reach £9 an hour by 2020.
George Osborne holds up the famous red box as he leaves Downing Street to deliver the first all-Conservative Budget for 19 years.
Council Tax has been frozen for the fifth year running by South Lakeland District Council as part of its budget for 2015/2016.
Councillors voted to approve the budget last night.
£800,000 worth of savings need to be made over the next year, and the council claims the biggest of these will come from improvements to the efficiency of its own back office.
Eden District Council has announced it's agreed its budget.
Council Tax will rise by 1.99% from April, but there are no plans to reduce services in the area.
The tax rise means an increase of £3.61 a year. Residents of an average Band B property will now be charged £185.18 a year.
But are no proposals to reduce services, something the Council says it its proud of:
“Our budget for next year protects our services. This is a tremendous achievement given the major grant reductions we have faced. Our careful financial management has also allowed us to make several important investments."
It says the rise in Tax will be used to fund services such as weekly bin collections, and two leisure centres in Appleby and Penrith.
It also says the budget includes plans to invest £100,000 for its footway lighting programme, and to create a £1million Affordable Housing Fund.
Unison say they will continue to oppose budget cuts approved by Cumbria County Council today.
Fifty Councillors voted in favour of plans to cut 1,800 jobs and raise council tax by just under 2%.
It's part of a drive to save £83 million after funding cuts from central Government.
Councillors arriving for the meeting were met by protesters from the union.
Protests were held outside Cumbria County Council offices as councillors met to vote on cutting 1,800 jobs, and reducing key services.
Councillors are still debating at the meeting in Kendal, where the council's budget for the next three years will be set.
Central government funding for Cumbria is being cut by £83 million between now and 2018.
Protesters are asking for any final decisions about the cuts to be delayed.
Protestors against cuts to jobs and services have gathered outside Kendal's County Hall today.
Cumbria County Council is meeting there to vote on its budget for the next three years, which includes proposals to cut 1,800 jobs.
Central government funding for Cumbria is being reduced by £83,000,000 between now and 2018.
Copeland Borough Council’s Executive recommended the proposed budget for 2015/16 at their meeting last night.
The Council needs to make savings of £1.484 million, and proposals in the budget include plans to cut Council costs by sharing resources with other councils.
The budget report will now go before full council for approval as part of the Budget meeting on 26 February.