Budget 2013: Osborne on jobs, interest rates and deficit
20 March 2013 Last updated at 12:54 GMT
George Osborne said he was "going to level with people" as he admitted the government had more work to do on the UK economy and "it's taking longer than anyone hoped."
The chancellor said he was delivering a budget for a "modern reformed state" as he spoke of 1.25 million new jobs, interest rates at a record low and cutting the deficit by a third.
As he opened his 2013 Budget speech, the deputy speaker made the first of the series of interventions to warn MPs about making too much noise.