The Chancellor, George Osborne, will present his budget speech on Tuesday, 22 June, the government has announced.
The Conservative-Lib Dem coalition had previously pledged that such a budget would take place within 50 days of them gaining power.
Given the need to repair the public finances, it is likely that this Budget will see the introduction of some tax rises, with Capital Gains Tax (CGT) and VAT thought to be likely targets.
The budget is also likely to see the partial scrapping of the employer element of the previous government’s proposed rise in National Insurance, and may also include some movement towards the Lib Dem policy of increasing the income tax threshold to £10,000.
We will keep our clients informed of any further developments.