Public spending will be reduced from nearly 50% of national income to around 40% over the life of the Government. He believes he is "cutting the size of government faster than anyone in modern times". He adds: "We are destroying the left-wing myth that the success of a public service could be judged by how many pounds are spent on it."
Another laugh as Mr Osborne calls for the workers of the world to unite. He wants Britons to work their way out of recession. "When we make the hard decisions we do not make them alone because we have the British people at our side," he says. "Together we can deliver."
"I ask for your support, your trust and your resolve," says Mr Osborne as he begins to sum up. His closing statements shape like a call to arms for a country of "courage and creativity". We can do it, he says, so "let's get on with it". And that's that - David Cameron leads the standing ovation.
REACTION: "The proposal to remove housing benefits from all under-25s is reckless and unfair as it will leave some of this country's most vulnerable people stranded. These changes are not only arbitrary but they sit in complete contrast to the Government's own social mobility agenda, making it even harder for young people to climb out of the poverty trap and on to the first rung of the training or employment ladder.'' - Barnardo's chief executive Anne Marie Carrie
REACTION: "It's vital that we separate fact from fiction: the vast majority of people who receive Government support do so because they can't earn enough to support their families, or even find a job in the first place. Rather than taking support away from those who need it the most, the Government must instead focus on creating more jobs and making work pay for everyone.'' - Fiona Weir, chief executive of single parent charity Gingerbread
