The emergency budget- what is it?

George Osborne will reveal his next budget in less than 4 months on 8 July. He is expected to reveal how the government plans to cut £12 billion from Britain’s welfare bill when he announces a fresh wave of austerity measures.

It is referred to as an ’emergency’ Budget as it comes so soon in to the new Parliamentary session, which began with the State Opening of Parliament on May 27.

Osborne announced his decision in The Sun, where he stated:

“On the 8th of July I am going to take the unusual step of having a second budget of the year – because I don’t want to wait to turn the promises we made in the election into a reality … And I can tell you it will be a budget for working people.”

It is said that Osborne will also want to be able to point to the latest growth forecasts, from the Office for Budget Responsibility, which will updated especially for the event.