Government sets emergency Budget date

The new coalition government has chosen June 22nd as the date it will hold its emergency Budget.

Making the announcement today (May 17th), Conservative chancellor George Osborne said the administration will also reveal how it plans on making £6 billion of cuts this year on May 24th.

The Conservatives promised before the election it would hold a Budget inside 50 days of taking office were it to come to power and Mr Osborne said it is important to act soon so as to ’restore confidence in our economy’.

Those with high levels of private wealth could be targeted with fresh taxes as the government seeks to close the budget deficit, however Mr Osborne said the majority of measures set to be taken will involve spending cuts rather than new levies.

In an interview with the Financial Times, Mr Osborne dismissed the Labour Party’s argument that the economic recovery will be jeopardised by the Budget, stating: “Those who argue that action can be safely delayed for another 11 months would put our economy at risk for the sake of short-term political advantage.’ADNFCR-2318-ID-19780752-ADNFCR