GEORGE Osborne's tenure at the Treasury began with an emergency budget within weeks of the Coalition being formed, heralding what was quickly dubbed "the age of austerity".

Controversially, the Tories having said they would not put up VAT, the Chancellor's first headline act was to raise it from 17.5 per cent to 20 per cent, insisting the years of debt and spending under Labour had "made this unavoidable".

Benefit cuts and a public sector pay freeze were meant to help cut the deficit as borrowing almost touched £150bn.

By 2011, the effects of the financial crisis began to deepen with growth forecasts cut. Petrol duty changes to help the embattled consumer at the garage forecourts were paid for by stinging the North Sea oil giants with a 12 per cent hike on the tax on their profits.

But once again, the level of the tax-free allowance was raised to help, in particular, the lower paid.

The "omnishambles" Budget for the following year was probably the most controversial as the changes to iron out VAT anomalies led to the infamous pasty tax. There was also the charity tax, the caravan tax, etc. Freezing age-related allowances for pensioners inevitably meant this was dubbed the "granny tax". Many of the measures were quickly reversed a few weeks later.

Among the negative headlines was the admission by Mr Osborne that because of "tougher economic conditions" his promise of two years earlier to balance the books by 2015/16 would not be met; the plan is now to do this by 2017/18.

But amid all the tough and unpleasant medicine were some sweeter moments.

The positive thread running through this parliament's budgets has been the reduction in the tax-free personal allowance, which began the parliament at £6500 and is likely to end it at £11,000, helping 27m people and taking 3.5m people out of tax altogether.

Another major Budget reform has been to pensions, removing the straitjacket of annuities and enabling people who have "worked hard and saved hard" to access their pension pots more easily.

As the economy began to grow even the double-dip recession of 2012 was rubbed out on the back of revised growth figures.

But amid all the heated policy arguments and bamboozling numbers over the last five years, the one thing Coalition Ministers are proudest of is how they have steered Britain through an economic recovery, which, to their own surprise, has led to a record number of people in work.

The question now is whether voters will reward them or choose Labour to guide the nation to a brighter future. Today's Budget, the Chancellor's sixth, might help them decide.

Highs.

Gradual increase in tax-free allowance, reducing taxes for 27m people and taking 3.5m out of tax altogether.

Pension reforms, meaning pensioners no longer have to buy often restrictive annuities.

Freezing Council Tax in England.

Corporation Tax cut from 28 per cent in 2010 to 20 per cent this year.

Unemployment was 2.5m in 2010 and is now 1.9m; respective employment numbers are 28.8m and 31m.

Lows.

VAT hike from 17.5 per cent to 20 per cent.

Withdrawal of child benefit from higher earners sparked storm, some of which had later to be changed.

Freezing public sector pay.

Omnishambles of 2012 with "pasty tax", "caravan tax", "charity tax" as well as freezing age-related pensioners' allowances which produced "granny tax". Again many measures had to be reversed.

Admitting tougher conditions meant promise to balance books by 2015/16 had to be abandoned. Plan to do so in 2017/18. Deficit still around £90bn.

Hiking North Sea oil tax to pay for cuts in petrol duty but this is now set to be reversed in today's Budget.