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Emergency Budget set for June 22

Chancellor George Osborne has confirmed the Conservative-Liberal Democrat coalition’s emergency Budget will be delivered on June 22.

The parties will give details on plans to “significantly accelerate” the reduction of the deficit over the next five years, starting with £6bn worth of cuts to non-front line services in 2010/11.

The coalition says new forecasts of growth and borrowing should be made by an independent Office for Budget Responsibility for this emergency budget.

The Con/Lib coalition will also shed light on how it will reverse Labour’s proposed national insurance tax rise, for the “protection of jobs” and reduce the Child Trust Fund and tax credits for higher earners as well as going into more detail on the proposed capital gains tax increase.

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  1. Tax and Added Value in the one sentence but not necessarily in that order!

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