UK chancellor George Osborne has announced his first major budget since the Conservatives won the general election in May 2015. The 16 March speech saw the announcement of widespread spending cuts, significant infrastructure projects across the UK,and major changes to secondary schools.

Osborne also included a surprise sugar levy on soft drinks, in a bid to tackle obesity in the UK. The chancellor warned that the government needs to save £3.5bn ($4.9bn, €4.45bn) by the end of the next parliament, meaning further cuts to public services.

IBTimes UK has highlighted the most important parts of the Budget, to tell you what you really need to know.

Catch up with all the Budget 2016 news on the IBTimes UK live blog