Chancellor George Osborne has announced that an emergency Budget will be held on Tuesday 22 June as he begins paving the way for public spending cuts.
The first Budget of the new Conservative/Liberal Democrat coalition Government will also be the first to see the Office of Budget Responsibility (OBR) provide forecasts for the economy and public finances.
The OBR, led by economist Sir Alan Budd, is set to conduct an analysis of public spending ahead of the Budget and is expected to help set out how the Government will make £6bn of savings this year.
Meanwhile David Cameron refused to rule out increasing VAT to 20% while appearing on the BBC’s Andrew Marr show yesterday.
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