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As the government review public spending it is looking to rebalance the economy with more growth coming from the enterprise sector in the future.
"The is a budget that supports an enterprise led recovery," said Osborne, "It is tough but it is also fair."
He said that it had to continue to keep the pressure on to keep confidence in the economy and this was the "unavoidable budget" that it had inherited from the Labour party and it's decision to run the economy "built on debt".
He painted a bleak picture that had led to the emergency budget but said that although the pain would be felt across the entire economy the rewards would also be shared.
"When we say we are all in this together we mean it," he said.