U.K.’s Osborne To Hold Emergency Budget On June 22

- U.K. Chancellor George Osborne has said that the government will hold its emergency Budget on Tuesday, June 22, 42 days after the coalition was formed.

The government will also outline plans for spending cuts worth GBP 6 billion for 2010 next Monday.

There will be significant reductions to the cost of quangos, the chancellor said, while spending by some government departments will also be slashed.

In his first press conference as chancellor, Osborne said that he will set up an independent committee headed by former Bank of England monetary policy committee member Sir Alan Budd to publish economic forecasts and serve as a fiscal watchdog.

The chancellor said the Labor government's forecasts had "almost always been in the wrong direction", and that taking economic forecasts out of the government's hands is the way forward for fiscal reform.