Liberal Democrat/Conservative budget to be released later today

Tuesday 22 June 10

The Chancellor of the Exchequer George Osborne will release his first budget later today, fulfilling the party’s election pledge to hold a budget within 50 days of coming to office.

The budget is expected to include cutbacks to the public sector and on middle class benefits, in an attempt to reduce Britain’s historic deficit of £155 billion pounds.

900,000 low-income earners however, will be taken out of the tax system. The point at which people start paying tax will rise by £1,000 to £7,475 taking nearly 900,000 people out of the tax system.

Deputy Prime Minister Nick Clegg has denied that the Liberal Democrats have sold out their election campaign against early spending cuts.