British Budget Report

Chancellor of the Exchequer George Osborne unveiled the government’s budget which included spending cuts and tax increases. Under the emergency budget plan, he stressed the need to reduce the debt, and proposed a national sales tax that will rise from 17.5 percent to 20 percent. Other measures include a bank tax, reform of welfare benefits, and a freeze of wages for public workers. Acting Labour Party Leader Harriet Harman criticized the proposed budget in her response, calling it “reckless” and "unfair". This is the first budget under the new Conservative-Liberal Democrat coalition government. close