Budget 2015: Osborne offers few giveaways – but deep public spending cuts

Prospect of tough post-election squeeze overshadows 3bn in pre-election budget's gains for first-time buyers and savers

George Osborne set out plans for a severe post-election squeeze in public spending while offering voters heading to the polling booths help for first-time buyers and a cut in the tax rate for savers.

Urging the public to realise Britain is "walking tall again" the chancellor also sought to argue against one of Labour's principal lines of attack by saying living standards will be higher in 2015 than they were when the coalition came to office.

Related: George Osborne lures voters towards glimmer of light in budget speech