The Chancellor, George Osborne, has opened his Budget 2014 saying that the economy is recovering faster than forecast.
Mr Osborne has said that the deficit is down by a third and by next year will be down by a half but he said there was more to do.
However, he said the nation was "getting on top of its debts" but had "borrowed too much and saved too little".
But he said it was time for families to start getting something back.
He said: "So in this Budget we make sure hardworking people keep more of what they earn – and more of what they save."
As such, he said he would be putting support for savers at the centre of the Budget and flagged yesterday's announcement of £2,000 tax-free childcare for parents.
Mr Osborne announced the biggest upward revision in economic growth between Budgets for 30 years and said the Office for Budget Responsibility (OBR) now forecast growth in 2014 of 2.7%.
And he said that the OBR had revised down the deficit in every year of their forecasts. This year it was 6.6% lower than forecast and down a third. It was, he said, 11% when the coalition came to power.
He said that the economy would be £16bn larger than was forecast just four months ago.
Painting a rosy picture of economy the Chancellor also highlighted:
:: 1.3 million more people in work since 2010
:: Unemployment down from 8% to 5%
:: Borrowing down to £95bn for 2014-15
:: Record number of people in work.
The Chancellor also announced the introduction of a new forgery-proof £1 coin in the style of the old threepenny bit.
Shadow chancellor Ed Balls is amused during Mr Osborne's speech He said: "Now among the oldest of coins in circulation; one in thirty pound coins are counterfeit – and that costs businesses and the taxpayer millions each year.
"So I can announce that we will move to a new, highly secure, £1 coin. It will take three years. We will consult with industry."
Mr Osborne announced that he would introduce a welfare bill cap to a £119bn in 2015-16 so that the costs of benefits would not be allowed to "spiral out of control" again.
He said: "In future, any government that wants to spend more on benefits will: have to be honest with the public about the costs, need the approval of Parliament, and will be held to account by this permanent cap on welfare."
The Chancellor said analysis published on Wednesday had show that the "rich are making the biggest contribution to the reduction of the deficit – because we are all in this together".
Iain Duncan Smith listens as Mr Osborne announces a welfare spending cap However, he said that while "the vast majority of wealthy people pay their taxes, there is still a small minority who do not" and he would be introducing measures to clamp down on this.
As expected, Mr Osborne announced financial support for British businesses wanting to sell abroad by doubling the amount of lending available to exporters to £3bn and cutting the interest rates by a third.
He said that the housing measures he announced - a new garden city to be built in Ebbsfleet, Kent, extending Help to Buy - would see 200,000 new homes. He said it was "getting Britain building".
Reflecting the considerable damage caused by the flooding this winter, Mr Osborne announced an additional £140m on top of money already provided for repairs to flood defences.
He also announced a moneypot for pot-holes saying that £200m would be made available for local authorities to bid for.
Turning to infrastructure, Mr Osborne said that he wanted the high-speed rail HS2 project to be built faster and to go further north than had been planned.
He also announced a £7bn package to cut manufacturers' energy bills. He said he wanted to see a "Britain that makes things again".
It is Mr Osborne's fifth budget since the coalition came to power in May 2010.
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