Chancellor George Osborne to announce 2016 Budget
- Credit: PA WIRE
Chancellor George Osborne will announce his 2016 budget later today with spending cuts likely to feature high up on the agenda.
Nothing is ever certain in politics but the rumour mill of Westminster has been busily turning while the Tory MP has been dropping his own hints in the past few days.
With four years to go before the next general election, the government could be set to announce some less popular decisions and Mr Osborne has already stated that 50p in every £100 of public spending needs to be slashed by 2020.
This could see local councils and police forces bearing the brunt of almost £4billion worth of cuts.
The £27bn Crossrail 2 scheme is set to get the official go-ahead and plans to spend £1.2bn on building starter homes on brownfield sites are also likely to be outlined.
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Tobacco and fuel duties could be due for an increase, with some reports suggesting a minimum price for cigarettes could be introduced.
Meanwhile a four per cent rise in the minimum wage from October is set to be announced, bringing the rate for 21 to 24-year-olds up to £6.95 an hour
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Keep checking back throughout the day and follow us on Twitter for all the key announcements.