Osborne: No giveaways or gimmicks, a budget for the long term

George Osborne is set to woo millions of older voters with a change in pension rules in his final budget but has insisted there will be "no giveaways, no gimmicks".

The Chancellor will give five million pensioners with existing annuities the right to cash them in from April next year. Mr Osborne refused to say if the budget would be fiscally neutral but insisted he had been clear that Britain must "pay its way."