George Osborne has said that the new budget which is due to be announced today will help to support a “resilient” UK economy.

The chancellor will make his speech at 12:30 and is expected to include plans to boost economic security.

Amongst the expected announcements is a cut in employers’ contributions to national insurance for staff under the age of 25 in a move that could boost employment.

Retailers are also hoping for more substantial reductions in business rates after a disappointingly coy reduction in the Autumn statement now that the economy is looking up.