Chancellor of the Exchequer George Osborne will lay out a budget today focused on securing Britain's economic recovery and rebutting opposition Labour Party claims that he's ignoring the rising cost of living. Measures are set to include £170 million pounds of extra funding for apprenticeships to extend the government's existing program to 2016, according to Treasury officials.

The chancellor, who presents his budget to Parliament at 12.30 p.m. in London, is also expected to pledge a further £222 million to develop new science and innovation centres.

Mr Osborne warned earlier this week that while Britain is recovering, the "job is not yet done" and the economy needs to be rebalanced toward exports and investment. He also defended his policies against the attacks of his Labour opposite number, Ed Balls, who says he has ignored the effects of rising prices, making families worse off. "We need to build a resilient economy and that means addressing the long-term weaknesses in Britain," Mr Osborne told BBC television three days ago. "We don't export enough, we don't invest enough, we don't build enough, we don't make enough."

Mr Osborne’s pledge to extend the apprenticeship plan would help support 100,000 extra work placements, while a further £20 million is expected to be invested in supporting closer ties between apprenticeships and higher education. An average apprenticeship post receives 12 applications, though there are not enough available positions from employers, according to Treasury research. The government also announced yesterday that the budget will include an increase in the tax-free provision for child care to help working families. Other measures are set to include a boost to exports and investment, which the chancellor identified as weak spots in the economy, according to the officials.

Bloomberg