One of the most anticipated measures in the Budget was the plan to help working parents with the costs of childcare, up to £2000 per child.
Business leaders have given George Osborne's Budget a cautious thumbs up, but it's still unclear how far the North East will benefit
Steven Bruck, a partner at Blick Rothenberg Chartered Accountants, takes a look at the winners and losers of this year's Budget.
The Chancellor has asked public sector workers to bear more pain for another year to help businesses and home-buyers get the economy going.
Thousands of civil service workers went on strike across the region as George Osborne announced a pay cap and more spending cuts in most departments.
However, he said the money would be used to create an 'aspiration nation'.
You can watch the full report from Dan Ashby below.
Brian Manning, chief executive of the Esh Group in the North East and ITV Business Club member, has been speaking to ITV News about today's Budget announcement.
We asked him if the Chancellor's focus upon housing and more people buying homes was something that he had been waiting for.
The Resolution Foundation, an independent research and policy organisation, analysed the Chancellor's 2013 Budget:
- Personal tax allowances: Small gains for the great majority of tax payers excluding the very highest and lowest earners. However three-quarters of the £1 billion goes to households in the top half.
- Fuel duty: The freeze on fuel duty will disproportionately benefit lower and modest income families.
- Childcare: Welcome increase in generosity of childcare support through Universal Credit but only a minority of working low-income families with children will benefit.
- Housing: Focus on new supply to be welcomed but focus on home ownership is unlikely to benefit those on low and modest incomes.
- Wages: OBR forecasts show wages have dipped further than previously realised. For the median worker, the downturn has become even more severe.
North East Chamber of Commerce Chief Executive, James Ramsbotham, analyses the 'business friendly' budget. Changes to Corporation Tax, fuel duty and National Insurance show 'he has listened to businesses'.
– TUC General Secretary Frances O’Grady
The Chancellor is either oblivious to the tough time that millions of public sector workers and their families are having or he is deliberately setting out to punish them.
Public sector workers have seen their pay frozen as the cost of living soars and thousands now find themselves earning less than the living wage.
Family budgets are at breaking point and millions of nurses, teachers, fire-fighters, council workers and civil servants will have been hoping the Chancellor might ease their pain today, not add significantly to it.
The decision to cancel the fuel duty increase due in September has been welcomed by the MP for Thirsk, Malton and Filey.
This news will be welcomed by many living in Thirsk, Malton and Filey. Obviously, I am disappointed that the Chancellor has not agreed to a rural fuel duty rebate for certain areas of North Yorkshire. Measures in the budget that will help hard working families include future childcare vouchers for working parents or single parents, help with mortgages for new homes, the reduction of tax on new jobs in small companies, as well as the commitment to raise personal allowances so no-one will pay income tax for the first £10,000.
– Anne McIntosh MP for Thirsk, Malton and Filey
These measures show that the Government is trying to help all with aspirations who are trying to do their best for their families.
Hannah McNulty joined members of the ITV Business Club to find out their reaction as they watched the Chancellor announce his Budget.
You can watch her lunchtime report below.