The emergency budget will be held on Tuesday 22 June, this is first Budget of the new Government and will be the first Budget where the Office for Budget Responsibility (OBR), will provide the forecasts for the economy and public finance. Commentators seem to accept that it will be the most important budget for a generation and it's already dominating the papers.

The OBR had published a report on 14^th June, which showed that the structural deficit was larger than previously believed. Therefore, they now say they would have to do more to close the gap. Interestingly, this forecast was made a week before the budget will be announced.