Chancellor George Osborne will deliver the emergency Budget on 22 June, it has been announced.

The new Office for Budget Responsibility will also provide the forecasts for the economy and public finances alongside next month’s statement, which will be the first Budget of the new coalition Government.

The Tories had committed to delivering a Budget within 50 days of taking office in an effort to tackle Britain’s structural deficit.

A number of proposed measures affecting business and personal taxation have already been outlined as part of the coalition agreement. These include £6bn in spending cuts to non-front line services, the abolition of the previously announced rise in National Insurance Contributions and an increase in the income tax threshold for lower and middle income earners.