Budget set for June 22nd
The emergency Budget will take place on June 22nd, George Osborne has announced.
The Conservatives had pledged in their manifesto a Budget would take place within 50 days of them taking office.
June 22nd is 42 days after the coalition agreement was signed and 48 days after the general election.
The Budget will reveal the true extent of the steps the government intends to take to slow down public spending in a bid to tackle the structural deficit.
Speaking at the Treasury this morning, Mr Osborne said the coalition was committed to cuts of £6 billion in 2010/11 alone.
“The Budget will also contain measures to boost enterprise, create a fairer tax system, and demonstrate to the world that Britain is open for business,” he added.
Its significance was downplayed by Downing Street in the first lobby briefing under the new government, however.
The prime minister’s spokesperson said cuts to key public services would only become clear in the comprehensive spending review which will get underway in the autumn.
“That will be the key place when spending decisions are made,” he said.
Today’s main announcement from the chancellor was that he is setting up an independent Office of Budget Responsibility, a prominent proposal in the Liberal Democrat manifesto.
On Wednesday Mr Osborne will reveal more details of the Budget’s broad aims in a speech to the Confederation of British Industry dinner. Proposals for 2010/11 cuts will be announced next Monday, one day before the new government’s first Queen’s Speech.
