The first Budget of the new parliament is to be delivered by George Osborne on July 8th.
Apart from tying up loose ends from the spring Budget the Chancellor will make a number of announcements:
- His plans for eliminating the UK’s budget deficit and running a surplus by the end of the current parliament.
- Details of the £12bn cuts in public expenditure he will need to make.
- Further measures to crack down on tax avoidance.
There may be a few tax “sweeteners” in the summer Budget, but it is more likely that George Osborne will get the painful changes out of the way, and early in the new parliament, leaving tax cuts until later.