Chancellor of the Exchequer George Osborne will deliver a second budget of the year on July 8, setting out in detail some of the pledges made by his Conservative Party in the election campaign.
Writing in the Sun newspaper Saturday, Osborne said he was taking the “unusual step” because “I don’t want to wait to turn the promises we made in the election into a reality. I can tell you it will be a budget for working people.”
The Conservatives won an unexpected parliamentary majority on May 7, meaning Osborne is no longer constrained by the Liberal Democrats, the Tories’ former coalition partners. He’s promised to deliver 30 billion pounds ($47 billion) in spending cuts by 2018, including 12 billion pounds in welfare savings, and pledged an extra 8 billion pounds for the National Health Service by 2020.
The last coalition budget was announced on March 18 and it projected that Britain would eliminate the budget deficit by 2018, a commitment Osborne renewed during the election campaign.
The so-called summer budget will show “Britain paying down its debts in a fair and balanced way,” Osborne wrote. “This will include protecting the NHS while making savings in Whitehall, cracking down on tax avoidance and reforming welfare so that we protect the most vulnerable while making sure the system is fair for the people who pay for it.”
It will also address issues such as low productivity and pledge investment in 3 million more apprenticeships, Osborne said.