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Chancellor George Osborne holds Gladstone's old Budget box outside 11 Downing Street

Budget for an emergency

Harriet Harman, acting Labour leader responding to Mr Osborne's Emergency Budget Statement said: "This is a Tory Budget that will throw people out of work, hold back economic growth and harm vital public services....It's his first Budget but its the same old Tories....In order to get the deficit down, you need to keep economic growth up and you need to keep unemployment down....Today's Budget is bad for growth and that will make it harder to cut the deficit."
Britain's Finance Minister, George Osborne, speaks during a televised interview in London

George Osborne set to raise Capital Gains Tax

Chancellor George Osborne looks likely to raise Capital Gains Tax when he announces his Emergency Budget tomorrow, despite a campaign by Conservative backbenchers to drop the idea.
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Jon Cruddas backs Diane Abbott for Labour leader

Influential backbench MP Jon Cruddas has backed Diane Abbott to be the next leader of the Labour Party, weeks after ruling himself out of the contest, the result of which will not be announced until September.
Chancellor George Osborne, and Chief Secretary to the Treasury, Laws, attend a news conference in central London

This first cut is not the deepest

On Monday 24 May, the Chancellor of the Exchequer, George Osborne announced "wasteful spending" cuts of £6.2 billion of which £5.7 billion will go to reducing the UK's current deficit of £156 billion. Around £500 million, apparently a concession to the Lib Dems, is to be reinvested in further education, apprenticeships and social housing.
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Tories win Thirsk and Malton, Labour vote halved

The Conservative Party has won the Thirsk and Malton election by a comfortable majority. The election in the constituency was delayed after the UKIP candidate, John Boakes, died during the campaign.