It has been announced that the new coalition government will hold its first Budget on June 22nd.

As part of their coalition deal, the two parties agreed to make £6bn in spending cuts in the current year as they attempt to tackle the record budget deficit.

Chancellor George Osborne has already announced an audit of all government spending over the past year in an attempt to see where money can be saved.

Some economists have cautioned that if public spending is cut too quickly it could lead to a double-dip recession as the recovery is still fragile.