Chancellor Osborne sets date for 2011 Budget

| November 4, 2010 | 0 Comments

Chancellor George Osborne has today announced the 2011 budget will take place on 23 March.

This budget, in particular, which be closely watched to see if the Government is on target with its tough spending cuts.

The new Coalition Government has scrapped the autumn pre-budget report and is making the March budget the key economic report.

The announcement comes just a matter of weeks after the Chancellor unveiled his Comprehensive Spending Review – in what was described as the most savage spending cuts since the Second World War.

Thirty-nine-year-old Osborne pledged that the cuts would bring the British economy “back from the brink”.

The cuts have received mixed responses; many have been critical of them warning that slashing the deficit too quickly could pose a threat to economic recovery and push the UK back into a recession.

However, all experts agree that growth will be hampered as a result of the cuts and the Bank of England will carefully have to monitor monetary policy, in order to avoid a double dip recession.

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