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Budget 'to leave 13 million families worse off'

Thirteen million families will lose an average of £260 each year because of the change to working-age benefits, the Institute for Fiscal Studies (IFS) has said.

Reacting to the first all-Conservative Budget in 19 years, the IFS said it was "regressive" and had taken "much more" from the poor than the rich.

George Osborne earlier defended his Budget, saying it represented a "new contract" for Britain.

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Iain Duncan Smith goes wild for National Living Wage

It is fair to say Iain Duncan Smith liked the announcement of a new National Living Wage.

The Work and Pensions Secretary punched the air wildly and shouted "get in" as George Osborne confirmed the move.

Unsurprisingly, the animated response was picked up on Twitter.

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