Chancellor Of The Exchequer George Osborne Presents Tory-Majority Government U.K. Budget

David Cameron, U.K. prime minister, exits 10 Downing Street as the first budget by a Tory-majority government in almost two decades is presented in London, U.K., on Wednesday, July 8, 2015. George Osborne, U.K. chancellor of the exchequer, whose election campaign played heavily on Tory values of economic prudence and the need for more austerity to eliminate the budget deficit, will draw on his newly granted authority to press ahead with plans to slash a further 12 billion pounds ($19 billion) from welfare costs. Photographer: Jason Alden/Bloomberg via Getty Images