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Osborne Names June 22 As Emergency Budget Date

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Here comes fixer No. 1 (first of many)

are we ready?

George Osborne names June 22 as emergency Budget date

17.05.10

Chancellor George Osborne today announced that he will deliver his first emergency Budget on June 22, exactly six weeks after the new coalition Government took office.

Mr Osborne said that he would also be setting out next week details of the £6 billion of spending cuts to be made this year.

Speaking at the Treasury with new Liberal Democrat Treasury Chief Secretary David Laws alongside him, Mr Osborne warned that failure to tackle the UK's record deficit would be "disastrous".

Mr Osborne said that he and Mr Laws were agreed that the cuts this year were achievable without affecting frontline public services.

He said that the "great majority" of the savings would be used to start paying down the deficit.

"It is the clear view of the Treasury and the Governor of the Bank of England that these are necessary actions to ensure stability and secure the recovery," he said.

"The Treasury's assessment is that there is a strong economic case for an immediate spending reduction of £6 billion. So we are in no doubt that this action is advisable.

"By tackling wasteful spending now rather than later, we can demonstrate our commitment to tackling the deficit."

More to follow...

http://www.thisislondon.co.uk/standard/article-23834716-george-osborne-names-june-22-as-emergency-budget-date.do

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£6bn is an overdraft facility.

We need £60bn of cuts. Imagine the howling from the warped Keynsians.

I see the pound is falling like a stone (again), and there are record short positions on the Euro.

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Chancellor sets date for emergency budget

By Gavin Cordon and Joe Churcher, PA

Chancellor George Osborne today announced that he will deliver his first emergency Budget on June 22, exactly six weeks after the new coalition Government took office.

Mr Osborne said that he would also be setting out next week details of the £6 billion of spending cuts to be made this year.

Speaking at the Treasury with new Liberal Democrat Treasury Chief Secretary David Laws alongside him, Mr Osborne warned that failure to tackle the UK's record deficit would be "disastrous".

http://www.independent.co.uk/news/uk/politics/chancellor-sets-date-for-emergency-budget-1975257.html

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New government is letting bad news out in bite size chunks so people can digest, soon we will have over more & more.

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oh dear, the 6bn being released next week. Looks like my prediction for 40bn by the time this emergency budget is released is going pretty much to plan.

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And the rest, bring it on.

I think they'll look to cover the interest this year, next year a further 40bn. Houses are going down 60%+.

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Just listened to Osbourne`s announcement.

While he may have his critics, I`d say that what he has announced sounds sensible. It may not solve the UK`s financial problems straight away, but it is refreshing to hear a chancellor talk straight, and start to tell us the truth. This Sir Alan Budd fellow, he`s going to give the treasury independant reports of the country`s financial outlook. This all sounds fairly sensible to me.

No doubt that someone will tell me that George Osbourne is a non-executive director in a company where Suralan is the Chairman.

It`s gonna hurt, but well all know that changes had to be made. No doubt Labour supporters will tell us that Gordon/Alistair could have reduced the debt while giving everyone a tax cut and a free holiday, but it`s time for a dose of reality.

Edited by Prof

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No doubt Labour supporters will tell us that Gordon/Alistair could have reduced the debt while giving everyone a tax cut and a free holiday, but it`s time for a dose of reality.

Erm, Labour announced they would make cuts and raise tax. Tories announced they would make cuts and cut tax. So I'm not sure the logic behind your little dig?

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I've also heard Jon Snow use this expression "paying down the deficit". How can more borrowing be paying anything down? I would say "reducing the deficit".

Can anyone please explain what it means.

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Erm, Labour announced they would make cuts and raise tax. Tories announced they would make cuts and cut tax. So I'm not sure the logic behind your little dig?

Labour spending cuts next year ?

That was the problem with New Labour, spend now pay later (or just let the next government pay).

I think the new government`s idea of taking independant advice on economic forecasts is quite a good one, instead of the government themselves making rather optimistic predictions to keep the voters happy.

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New government is letting bad news out in bite size chunks so people can digest, soon we will have over more & more.

But isn't that always the way. MSM now talking about "austerity measures" when not so long ago it was all "green shoots of recovery"...

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This Sir Alan Budd fellow, he`s going to give the treasury independant reports of the country`s financial outlook. This all sounds fairly sensible to me.

He will just be influenced by a different set of thieves, ones that we can't vote out.

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But isn't that always the way. MSM now talking about "austerity measures" when not so long ago it was all "green shoots of recovery"...

yep, agreed.

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He will just be influenced by a different set of thieves, ones that we can't vote out.

Well, we can always hope that he isn`t. I`ll remain optimistic until the inevitable happens.

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Ex-Treasury secretary Liam Byrne's note to his successor:

there's no money leftByrne left letter on desk for incoming minister David Laws

It is the convention for outgoing ministers to leave a note for their successors to provide them with some hard-won advice on how to settle in to their new jobs.

But Liam Byrne, the former Labour chief secretary to the Treasury, had only one message for his successor, Lib Dem David Laws: the well has run dry.

The note Byrne left for Laws on a desk in the Treasury read simply: "I'm afraid to tell you there's no money left."

Laws revealed the contents of the letter at a press conference today, telling reporters: "When I arrived at my desk on the very first day as chief secretary, I found a letter from the previous chief secretary to give me some advice, I assumed, on how I conduct myself over the months ahead.

"Unfortunately, when I opened it, it was a one-sentence letter which simply said: 'Dear chief secretary, I'm afraid to tell you there's no money left,' which was honest but slightly less helpful advice than I had been expecting."

Byrne said the message was meant as a private joke. "My letter was a joke, from one chief secretary to another," he said. "I do hope David Laws's sense of humour wasn't another casualty of the coalition deal."

Treasury sources said the full text of the letter from Byrne – dated 6 April, the day Gordon Brown called the general election – was: "Dear chief secretary, I'm afraid there is no money. Kind regards – and good luck! Liam."

Byrne's letter recalls the one left by Tory Reginald Maudling to his Labour successor, James Callaghan, in 1964: "Good luck, old **** ... Sorry to leave it in such a mess."

Byrne's notes have caused bemusement before. When he was promoted to the cabinet in 2008, he gave officials a set of instructions entitled Working with Liam Byrne, which included the lines: "Coffee/Lunch. I'm addicted to coffee. I like a cappuccino when I come in, an espresso at 3pm and soup at 12.30-1pm ... If I see things that are not of acceptable quality, I will blame you."

Gary Gibbon of Channel 4 News claimed today that former chancellor Alistair Darling had also left a note for his successor, George Osborne, as well as a bottle, presumably of strong drink – but, in Gibbon's words, "no revolver".

http://www.guardian.co.uk/politics/2010/may/17/liam-byrne-note-successor

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I think they've decided that, in the current environment, to wait any longer could be suicidal. I just hope they don't get stomped on by Mr. Market before then. The 22nd June is a long way off...

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I think they've decided that, in the current environment, to wait any longer could be suicidal. I just hope they don't get stomped on by Mr. Market before then. The 22nd June is a long way off...

It's going to be irrelevent.

Budgets and all that jazz require a civil service working away in the background, not on the flags holding placards about the location of their promised pensions.

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Full time becomes a 35 hr week with 5 days less holiday or something just as weak?

Should be very interesting how this plays out. Hit people too hard, or cut too many jobs the retail and holiday market goes up in flames, then the Landlords will be left with the business rates, then the Councils will need to .... re-budget.

Tricky tricky, I hope they do not have one of those expensive sophisticated models that indicates throwing a spanner in the works at least the outcome will be explained away as 'unexpected'.

A popcorn day for sure!

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Full time becomes a 35 hr week with 5 days less holiday or something just as weak?

Should be very interesting how this plays out. Hit people too hard, or cut too many jobs the retail and holiday market goes up in flames, then the Landlords will be left with the business rates, then the Councils will need to .... re-budget.

Tricky tricky, I hope they do not have one of those expensive sophisticated models that indicates throwing a spanner in the works at least the outcome will be explained away as 'unexpected'.

A popcorn day for sure!

bring it on.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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