Osborne to deliver emergency Budget on June 22

[Ognir]

And People think Greece and Ireland are fecked  


George Osborne, the Chancellor, announced today that the coalition Government's emergency Budget would be delivered on June 22.

The Lib-Con coalition, led by David Cameron, had promised a Budget to lay out spending cuts and other measures to tackle Britain's record deficit within 50 days of signing a power-sharing deal.

Mr Osborne said that he would be following the 80-20 rule, which would involve 80 per cent of cuts to be made through public spending restraint and 20 per cent through tax measures.

Mr Osborne has promised to cut £6 billion from Britain's record £153 billion deficit this year.
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"The Budget date will be Tuesday,June 22, exactly six weeks, or 42 days, from the signing of the coalition agreement," Mr Osborne said.

He also launched his promised new fiscal watchdog to ensure that the Government is held to account on how it tackles the record budget deficit.

The independent Office for Budget Responsibility will be headed by Alan Budd, a former Bank of England Monetary Policy Committee member, according to plans made by the Conservative Party before the general election.

In his first speech since becoming chancellor, Mr Osborne said that the coalition's changes could "enhance" frontline services, with an emphasis on "value for money".

He said: "I'm absolutely clear that, alongside reform, we can improve the quality of education that people receive and the healthcare that people receive."

David Laws, chief secretary to the Treasury, added: "I have and I will reject any proposals which would damage key services or put at risk those on low incomes.

"We've asked departments to review all pilots and new spending commitments agreed by the previous Government since the start of this year."

Mr Osborne said the new Office for Budget Responsibility, and not the Government, would publish economic forecasts.

"I am the first Chancellor to remove the temptation to fiddle the figures by giving up control of the economic and fiscal forecasts," he said.

"I realise this will create a rod for my back down the line and for future chancellors. We need to fix the Budget to fit the figures, not fix the figures to fit the Budget."

He said that he would like his first Budget to be about "handing out goodies", but that the UK had to "live within its means".

He said: "As it [the coalition agreement] said, deficit reduction and continuing to ensure the economic recovery is the most urgent issue facing Britain. We understand that and we need to get moving.

"Greece is a reminder of what will happen if governments lack the will to act decisively and quickly."

http://business.timesonline.co.uk/tol/b ... 128618.ece

[superzebra]

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