The UK economy is growing faster than any other major advanced economy, George Osborne has told the House of Commons, but cautioned that the job is "far from done".

Mr Osborne said growth forecasts for 2014 had been revised upwards, from 2.4% to 2.7% and that later this year the Office for Budget Responsibility expects the economy to be "larger than before it collapsed six years ago".

But the chancellor told MPs the country was still borrowing too much and not saving, investing or exporting enough.

He said further cuts would be necessary to restore the nation's finances, as he presented his Budget for "building a resilient economy", on 19 March 2014.

"The economy is continuing to recover and recovering faster than forecast. We set out our plan and together with the British people we held our nerve.

"After the mess we were left we are putting Britain right, but the job is far from done," Mr Osborne said.

Responding, Labour leader Ed Miliband said hard-working people in Britain are "worse off under the Tories", with living standards falling "year after year".

"No amount of smoke and mirrors can hide it," he said, and claimed the chancellor's statement reminded people of "the gap between his rhetoric and reality of people's lives".

"At the heart of the argument we have over the next 14 months is this question: whose recovery is it under the Tories? Under them it's a recovery for the few, not the many."

This was the chancellor's fifth budget, which sets out tax and spending plans for the year ahead.

Mr Osborne announced tax changes to help savers, pensioners and "low and middle income earners", as well as policies aimed at boosting investment and exports.

A full breakdown of the budget measures can be found here.

To watch the continuation of the budget debate, click here.