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 the Tory manifesto included plans to cut inheritance tax and a new tax break for married couples.
In the event, 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formation of the Coalition Government meant that any Conservative and Liberal Democrat pre-election pledges were superseded by a ‘Programme for Government’, which included elements from the manifestos of both parties, as well as numerous compromises and some new policies.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.
About this Report
This Report was written immediately after the Chancellor delivered his Budget speech. It is intended to be a general overview of the main announcements – please contact us for advice specific to your circumstances.
Please note: This Report is intended as a general information guide only. It is based on the press releases and other documents available on 22 June 2010. It is not intended as a complete summary of every measure. Every effort is made to ensure accuracy, but no liability is accepted for any action taken or refrained from in consequence of its contents. Always seek professional advice before acting.