ACS

17 May 2010

The Chancellor of the Exchequer, George Osborne has announced that an Emergency Budget will take place on Tuesday June 22. The budget will reveal how the Government plans to make £6billion in spending cuts this year.

Also announced today was a new independent Office for Budget Responsibility, which will be headed by economic expert Sir Alan Budd. Sir Alan will be joined by Geoffrey Dicks and Graham Parker to form the Budget Responsibility Committee.

The Committee will be charged with the duty of making independent forecasts for the economy and the public finances.

Speaking today, the Chancellor said: “I am the first Chancellor to remove the temptation to fiddle the figures by giving up control over the economic and fiscal forecast. I recognise that this will create a rod for my back down the line, and for the backs of future chancellors, but that is the whole point. We need to fix the budget to fit the figures, not fix the figures to fit the budget.”

ACS will be revealing its budget submission to the new Government shortly.