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George Osborne to announce cuts in his Budget Statement today

Posted on Wednesday, 20th March 2013 by
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Photo Credit: DFID – UK Department for International Development via Compfight cc

The UK is expecting the announcement of more cuts in the chancellors Budget statement today as he tries to revive the economy.

The Budget, which will be announced at 12:30pm is expected to outline cuts of up to 2% in government departments.

The Chancellor intends to use this money to boost projects on infrastructure and promote growth in the economy again.

Skeptics of the Chancellor are not impressed. In his first budget statement the Chancellor had said that he expected the economy to have grown by 7% at this time. However, at the end of last year the economy contracted again and the UK was stripped of it’s triple A credit rating.

As well as the 2% cuts in government departments other Budget announcements are speculated to include: an extension of the NewBuy scheme to help more people buy their first homes; an announcement on alcohol pricing; a possible downgrade of growth forecasts from the Office for Budget Responsibility and higher future borrowing and changes to the remit of the Bank of England.

While many people will be watching to see what effect the Budget statement will have on them personally, many businesses will also have a keen interest in Mr Osborne’s statement.

EHL will be running a FREE seminar on Trusts and Budget Impacts to help businesses understand what the Budget Statement means for them. To find out more about the event click here.

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