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Osborne Budget on 8 July

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British Chancellor George Osborne
British Chancellor George Osborne
British Chancellor George Osborne

Chancellor George Osborne has said that he will deliver his new Budget on 8 July.

Writing in the Sun Mr Osborne said it would be aimed at “working people” and “entrench stability and security”.

He admitted it was “unusual” to have two Budgets in the same year, but said he wanted to turn “promises made in the election into a reality”.

The last one was held on 18 March and included tax cuts for first-time house buyers reported BBC.

Although his article does not specifically outline how the Conservatives plan to fulfil a pledge to cut £12bn in welfare spending, Mr Osborne says he wants to make the welfare system “fair for the people who pay for it”.

He writes: “We will protect the NHS and give it more funding each and every year, while making savings across Whitehall.

“We’ll crack down hard on tax avoidance and aggressive tax planning by the rich – because everyone should pay their fair share.

“We will always protect the most vulnerable, but we also need a welfare system that’s fair to the people who pay for it. If you can work you should be working, so we’ll take the next steps in our benefit reforms to make sure that happens.

“Second, we’ve got to go on helping businesses create jobs in Britain, so we move towards full employment. That means facing a hard truth: in Britain we produce about a quarter less for every hour we work than countries like America or Germany. Fixing that long-running productivity weakness is the big challenge for the next five years.