By Jonathan Davies

A Labour government would not reverse any of the plans set out in what Ed Balls described as a "pretty empty" Budget, the shadow chancellor has said.

Mr Balls even said that he welcomed plans to scrap the tax on the first £1,000 of savings and the new Help to Buy ISA to help first-time buyers, announced by the Chancellor George Obsorne in yesterday (Wednesday)'s Budget.

Despite Mr Osborne's claims that in 2019/20 spending would grow in line with the growth of the UK economy, Balls said that the Treasury's own figures showed spending at the "lowest level since 1938" in 2018/19.

The independent Office for Budget Responsibility (OBR) described the Chancellor's spending forecasts as a "rollercoaster profile", due to "a much sharper squeeze on real spending in 2016-17 and 2017-18 than anything seen over the past five years, followed by the biggest increase in real spending for a decade in 2019-20".

It was the final Budget of this Parliament and the last major opportunity for the Conservatives to set out their economic plans for the next government ahead of the general election.