Emergency Budget 2010
The new Chancellor of the Exchequer, George Osborne has announced he will deliver an emergency Budget on 22 June 2010. The Treasury press office have confirmed the speech will begin at 3.30pm.
The announcement of this Budget followed a promise by the new coalition Government to announce a Budget within 50 days of taking office. The Budget will be delivered exactly 6 weeks after the signing of the coalition agreement. The Budget is expected to deliver £6 billion in spending cuts in the 2010-11 tax year.
The Chancellor has also announced the creation of a new Office for Budget Responsibility, a new independent body to assess the state of the nation’s finances.