UK's Chancellor George Osborne has announced details relating to the government's financial plans for the year ahead and outlined the growth in the UK economy.

The Chancellor said that the areas that were affected by recent flooding will benefit from a pot of £140million for repairs and maintenance to flood defences and the government has set aside another £200million for pothole repairs. He pointed out that the money from Libor fines will be spent on military charities. He also said that the government will provide funding for rescue and lifeboat services and give £10m to the scouts, cadets and St John Ambulance.

Mr Osborne also said that the cash shares and ISAs will be combined into ISA with an annual tax-free savings limit of £15,000 from July 1. The government will also introduce a new Pensioner Bond for people over the age of 65 years.

Other measures in this year's budget includes scrapping of the proposed fuel duty rise, a penny reduction in beer duty, tobacco duty to rise by two per cent, and a £20million pot to pay for cathedral repairs ahead of First World War remembrance services.

Mr Osborne said, "We are turning this country around. This is a budget for the makers, the doers and the savers.