This freeze in working age benefits saves the country over ?3bn. It is a serious contribution toreducing the deficit.
Pensioner benefits and disability benefits will be excluded.
And to those in work I say this: where is the sense in taxing you more, only for you to be givensome of your own money back in welfare.
The best way to support peoples' incomes is to make sure those out of work get a job and thosein work pay less tax.
That is why I am the Chancellor in Budget after Budget who is increasing the tax-free personalallowance to ?10,500, meaning working people on low and middle incomes keep up to ?800more of their hard earned money.
It's why we have cut taxes for savers, for homeowners, for small businesses, the self-employed,cut taxes for everyone who pays their council tax or fills up their car.
And that is why we have cut jobs taxes and increased work incentives, and as a result there arealmost two million more in work. That is the choice we have made.
The good news is youth unemployment has fallen sharply.
The sad news is there are still too many young people who have fallen into a culture of welfaredependency and a life on the dole.
It's a scar on our society. It's a tragic waste of human talent. And we can end it in the nextParliament.
So let this Party of Progress make another choice.
Let's abolish long term youth unemployment altogether.
So here's how we'll do it.
We'll replace Job Seekers Allowance.
Reform housing benefit.
And take the benefit cap we've introduced down to ?23,000 - because families out of workshould not get more than the average family in work.
And all of these savings will be used to fund three million new Apprenticeships.
Three million more chances for a better life.
So we help our citizens get jobs instead of more immigration from abroad.
We have a choice between paying our young people for a life on the dole, or giving them thekeys to a life of opportunity.
Be in no doubt which side this party is on: we choose their future.
So this country must pay its debts, drive down its deficit, pull down its taxes, and pull up itsyoung people.
And it must be the place where business invests and businesses thrive.
It's not by accident that more than two million private sector jobs have been created under thisGovernment.
It is the deliberate policy of this government to support job creators.
And yet for the first time in my adult life we have a Labour Party that is positively anti-business.
It came through in every sentence Ed Miliband remembered - the bit we wished he'd forgotten.
By the General Election we will have delivered on the promise I made to you in my first speechas Chancellor, here in Birmingham.
Britain will have the lowest, most competitive business taxes of any large country in the world.