June 2010 United Kingdom budget
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| Presented | 22 June 2010 (Tuesday) |
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| Parliament | 55th |
| Party | Conservative/Liberal Democrat coalition |
| Chancellor | George Osborne |
| Total revenue | £548 billion (40% of 2009 GDP) |
| Total expenditures | £697 billion (51% of 2009 GDP) |
| Deficit | £149 billion (11% of 2009 GDP) |
| Website | [1] |
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The June 2010 United Kingdom Budget was delivered by George Osborne, Chancellor of the Exchequer, to the House of Commons in his budget speech that commenced at about 12.30 p.m on Tuesday 22 June 2010 (just 90 days after the previous budget speech). It was the first budget of the Conservative-Liberal Democrat coalition formed after the general election of May 2010. The government dubbed it an "emergency budget", and stated that its purpose was to reduce the national debt accumulated under the Labour government.
In his budget speech Osborne quoted data and forecasts made by the independent Office for Budget Responsibility that was formed by the coalition soon after they took up office.
The preceding budget of the Labour Party in March was only partly enacted due to the calling of the election.
Osborne predicted that the economy would grow by 1.2% in 2010, rising to 2.9% in 2013.
He said the country was set to miss the previous government's "golden rule" in the current cycle by £485bn.
The Chancellor said he expected consumer price inflation (as measured by the Consumer Price Index) to reach 2.7% in 2010, above the target of 2%.
He forecast that unemployment would peak at 8.1% in 2010, falling over each of the next four years.
Osborne said the state accounted for "almost half" of all national income, including the escalating cost of debt interest, which was "completely unsustainable".
Osborne aimed to balance the structural current account deficit by 2015–16. The balance of tax rises to spending cuts in his budget was 23% to 77%.
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