The coalition government’s honeymoon period ended at 12:30 today when George Osborne announced the treasury’s first phase of deep cuts.
The Chancellor of the Exchequer has decided to stick resolutely to the 80%/20% ratio of spending cuts versus tax rises during the opening passages of his emergency budget speech.
He additionally announced the budget would be “tough but fair”, and described the coalition’s plan for a sustainable private sector based on economic growth, rather than “pumping the debt bubble back up.”
He also decreed that there will be no further reductions in capital spending in this budget.
Even the Queen is going to take a hit in the budget according to the Chancellor, with civil list expenditure remaining frozen for the next five years.
