Chartered Acountants Price Bailey Say They Are Looking Forward To The Emergency Budget On June 22
PUBLISHED: 12:57 21 May 2010 | UPDATED: 13:34 02 June 2010
IN the wake of an historic General Election in which the Conservatives and Liberal Democrats formed a coalition Government we asked chartered accountants Price Bailey to comment on the Emergency Budget. Before the election the Conservatives declared tha
IN the wake of an historic General Election in which the Conservatives and Liberal Democrats formed a coalition Government we asked chartered accountants Price Bailey to comment on the Emergency Budget.
Before the election the Conservatives declared that they would hold a Budget within 50 days of coming to power to show their intention to get to grips with the deficit. The date has been set and this will take place on June 22, however it is expected to be at the later time of 3.30pm.
The new government has made reducing the UK's record peacetime borrowing its number one economic priority. The "bulk" of the Chancellor's deficit-reduction measures would take the form of spending cuts rather than tax rises starting with making £6bn in spending cuts in the current year. These cuts are likely to come from reducing the size of quangos and cutting IT, consultancy and advertising expenditure.
Chancellor George Osborne commented: "A new, strong coalition government is going to do what the Labour government failed to do and let Britain live within its means."
Mr Osborne has also announced an audit of all government spending over the past year - to be carried out by the new Office for Budget Responsibility.
Nick Pollington, a partner at Price Bailey Chartered Accountants in Ely, commented: "We are looking forward to June 22 to find out what measures will be put in place and then to assess and communicate the implications of those measures, good or bad, to our clients and the wider community.