The first solely Conservative Budget since 1996 is being unveiled at 11.30 GMT today by fin min George Osborne
We don't usually have a summer Budget but Boy George is keen to set out his plans and get moving on the widely expected £12bln in spending cuts that he's promised
But this will also be the occasion when he unveils where he's going to get the additional funding from promised in the election manifesto.
The BBC are reporting that cuts will be slowed to span 3 years rather than 2 with many areas of the public sector already reeling form extensive cuts so far. Political editor Nick Robinson reports there will be £8bln of cuts by 2017/18 and a further £4bln by 2018/19. Austerity packages? We could teach the Greeks a thing or two about wearing some pain too when it comes to welfare and public sector job cuts.
The Tories have stated they will eliminate the UK's budget deficit by 2018 but they're falling well short of expectations still.At nearly 5% of economic output it remains one of the biggest among the world's advanced economies.
Osborne's speech will focus on "economic security" and say
"The greatest mistake the UK could make would be to "think all our problems are solved".
"You only have to look at the crisis unfolding in Greece as I speak to realise that if a country's not in control of its borrowing, the borrowing takes control of the country"
It's a key Budget for the UK and its people but unlikely to rattle the markets too much though. We will though look for any key notes of interest of course re borrowing requirements and expect Osborne to make the most of his moment in the spotlight
The BBC have more here and Reuters carry this
UK fin min Osborne - The axeman cometh