On 24 March 2015, the Treasury Committee heard evidence on the Budget from the Chancellor of the Exchequer, George Osborne, and James Bowler, Director of Strategy, Planning and Budget at HM Treasury.

In the Budget, the last before the general election, the Chancellor unveiled a range of measures.

They included a rise in the tax free allowance to the first £11,000 of earnings by 2017, a tax free allowance on interest earned on savings, and a Help to Buy ISA for people saving up for a deposit on their first house.

During the committee hearing, the Chancellor declined to give a "cast-iron guarantee" to match Labour's promise not to increase VAT over the five years of the next Parliament.

He told the committee that the Tory economic plans did not involve VAT rises.