George Gideon Oliver Osborne  (born 23 May 1971) is a British Conservative Party politician, who was Member of Parliament (MP) for Tatton from June 2001 until he stood down on 3 May 2017. He served as Chancellor of the Exchequer under Prime Minister David Cameron from 2010 to 2016. He has been editor of the London Evening Standard since May 2017. Osborne worked briefly as a freelancer for The Daily Telegraph before joining the Conservative Research Department in 1994 and becoming head of its political section.

Osborne announced on 16 May that he would deliver a second Budget on 8 July, and promised action on tax avoidance by the rich by bringing in a "Google Tax" designed to discourage large companies diverting profits out of the UK to avoid tax. In addition, large companies would now have to publish their UK tax strategies; any large businesses that persistently engaged in aggressive tax planning would be subject to special measures. However, comments made by Osborne in 2003 on BBC2's Daily Politics programme then resurfaced; these regarded the avoidance of inheritance tax and using "clever financial products" to pass the value of homeowners' properties to their children, and were widely criticised by politicians and journalists as hypocritical. The second Budget also increased funding for the National Health Service, more apprenticeships, efforts to increase productivity and cuts to the welfare budget. In response, the Conservative-led Local Government Association, on behalf of 375 Conservative-, Labour- and Liberal Democrat-run councils, said that further austerity measures were "not an option" as they would "devastate" local services. They said that local councils had already had to make cuts of 40% since 2010 and couldn't make any more cuts without serious consequences for the most vulnerable. After the budget, many departments were told to work out the effect on services of spending cuts from 25% to 40% by 2019-20. This prompted fears that services the public takes for granted could be hit, and concern that the Conservative Party had not explained the policy clearly in its manifesto before the 2015 election. Osborne announced the introduction of a "National Living Wage" of PS7.20/hour, rising to PS9/hour by 2020, which would apply to those aged 25 or over. This was widely cheered by both Conservative MPs and political commentators. He also announced a raise in the income tax personal allowance to PS11,000; measures to introduce tax incentives for large corporations to create apprenticeships, aiming for 3 million new apprenticeships by 2020; and a cut in the benefits cap to PS23,000 in London and PS20,000 in the rest of the country. The July budget postponed the predicted arrival of a UK surplus from 2019 to 2020, and included an extra PS18 billion more borrowing for 2016-20 than planned for the same period in March. In the July Budget, Osborne also planned to cut tax credits, which top up pay for low-income workers, prompting claims that this represented a breach of promises made by colleagues before the general election in May. Following public opposition and a House of Lords vote against the changes, Osborne scrapped these changes in the 2015 Autumn Statement, saying that higher-than-expected tax receipts gave him more room for manoeuvre. The IFS noted that Osborne's proposals implied that tax credits would still be cut as part of the switch to Universal Credit in 2018. CANNOTANSWER

Answer the following question by taking a quote from the article: What happened with the July budget in 2015?

The July budget postponed the predicted arrival of a UK surplus from 2019 to 2020, and included an extra PS18 billion more borrowing for 2016-20