Portrait of the week | 9 July 2015

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In his Budget, George Osborne, the Chancellor of the Exchequer, slowed the planned rate of bringing in £12 billion of welfare cuts. He forecast a surplus by 2020. The bank levy would be reduced but a surcharge on bank profits imposed. The total of benefits that a family can claim a year would be cut to £23,000 in London and £20,000 outside it. Tax credits for those with more than two children were to be reduced. Local authority and housing association tenants in England who earn more than £30,000 (£40,000 in London) would have to pay more rent. Maintenance grants for students would be turned into loans. Income tax thresholds were raised. Married couples or civil partners would be able to leave property worth up to £1 million to their children free from inheritance tax. Elected mayors and councils would be given powers to extend shop opening hours. The BBC agreed to fund television licences for people over 75 in a deal to allow the fee to rise with inflation.