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Emergency Budget
In the lead-up to the 6 May General Election, the Conservatives announced that if victorious they would hold an ‘Emergency Budget’ within 50 days of taking office, primarily to tackle the UK’s economic deficit. Other measures promised in their manifesto included plans to cut inheritance tax and a new tax break for married couples.
As it turned out, the hung parliament and the subsequent formation of the Coalition Government meant that any Conservative and Liberal Democrat pre-election pledges were superseded by a ‘Programme for Government’, which included elements from the manifestos of both parties, as well as numerous compromises and some new policies.
The 50-day Emergency Budget, however, survived the negotiations. Along with the Programme for Government and the autumn Spending Review, Chancellor George Osborne’s statement on 22 June could indicate the direction of the Coalition’s policy for years to come.
If you have any questions regarding the Budget Report please contact our Hertford office who will be happy to answer any queries.
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30.06.10 | wilkins kennedy
