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In the Budget, George Osborne, the Chancellor of the Exchequer, kept talking of the ‘next generation’. He outlined cuts of £3.5 billion in public spending by 2020, to be ‘on course’ to balance the books. Personal allowances edged up for lower taxpayers, with the higher-rate threshold rising to £45,000. A ‘lifetime Isa’ for under-40s would be introduced.