• further taxes not an option to balance budget
  • govt aims to run budget surplus not deficit
  • deficit cut by 50% under current govt but still more to do
  • further tax rises would be economic disaster
  • need for more public sector wage constraint

Further wage restraint ? Ouch

Update: 11.45 GMT

Osborne finishes to the obligatory standing ovation without saying anything else of note that would interest the markets