More university places and compulsory placements for unqualified young

The chancellor has just stressed that access to higher education is a tenet of a successful economy. So from next year, the government will create 30,000 more student places. In 2015, it'll abolish the cap on student numbers.

It is also planning to sell off the remainder of its student loan book.

When it comes to young people on benefits, the "culture of worklessness" is coming to an end, said Osborne. Those signing on at age 18-21 will have compulsory training in English or Maths if they don't meet standards. They will be required to take training offered to them by job centres, or risk losing their benefits.

20,000 new apprenticeship places will be created, with more start-up loans provided to help young people create their own businesses, with the capacity to help up to 50,000, said the chancellor.