Budget confirmed for June 22nd

Tuesday, 18 May 2010 10:22

By myfinances.co.uk staff

The coalition government will unveil its first Budget on June 22nd, chancellor George Osborne has announced.

For the first time, a new Office of Budget Responsibility will give the forecasts for the UK's economic growth and public finances in order to ensure there is a "truly independent assessment" of the nation's accounts, Mr Osborne said.

At a briefing with new chief secretary to the Treasury David Laws, the chancellor added that the Budget would also outline the Conservative and Liberal Democrats' plans to "significantly accelerate" the reduction of the deficit.

A failure to properly address this issue could lead to potentially "disastrous" consequences, he added.

"If we don't get on top of our debt, every family in Britain will be poorer and the dreams of millions of young people will be dashed," Mr Osborne said.

According to the European Commission, the UK will have the biggest public deficit of any of the 27 countries that make up the European Union this year at 12% of gross domestic product.

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