Budget 2015: George Osborne rejects criticism

Chancellor George Osborne has rejected criticism of his Budget, insisting it offers the country a "new contract".

He said businesses will have to pay higher wages but will pay lower taxes in return - while workers will get higher pay but fewer benefits.

However, the Institute for Fiscal Studies has suggested 13 million UK families will be £260 worse off as a result of measures contained in Wednesday's announcement.

Robert Peston reports.