Budget 2015: Osborne promises £9 per hour living wage

A compulsory National Living Wage is to be introduced from next year, the chancellor announced as he presented the first Conservative Budget in almost 20 years.

He said it would rise to £9 an hour by 2020.

George Osborne also scrapped student grants, froze benefits and cut billions from tax credits and benefit payments.

But he said he would spread the £12bn in welfare cuts promised in the Conservative election manifesto over three instead of two years.