George Osborne's budget 2016 giveaways 'mask £56bn black hole'

Chancellor announces eye-catching measures including sugary drinks levy and tax cuts, but Office for Budget Responsibility warns of fiscal hole

George Osborne's attempt to woo voters ahead of Britain's EU referendum has come under immediate and intense scrutiny after he used a range of accounting devices to disguise a looming 56bn "black hole" in the government's finances and deliver a promised surplus by the end of the decade.

Despite being faced with a markedly weaker outlook for the economy, the chancellor announced a range of eye-catching measures on Wednesday including a levy on sugary drinks, lower income tax bills, a cut in corporation tax and help for small businesses, in a budget he said would "put the next generation first".

Related: What the 2016 budget means for you

Related: We won't cut spending, McDonnell promises as Labour derides budget

Related: Budget 2016: magical thinking from charmed world of the chancellor | Jonathan Freedland