U.K. Chancellor To Unveil Budget On July 8

(RTTNews) - U.K. Chancellor of the Exchequer George Osborne said he will announce the Summer Budget on July 8.

Osborne pledged to deliver policies for the working people. The Conservatives came to power for a second time following the general election held on May 7.

"I am going to take the unusual step of having a second budget of the year - because I don't want to wait to turn the promises we made in the election into a reality … And I can tell you it will be a budget for working people," he wrote in the Sun newspaper.

He is likely to reveal the blueprint of planned GBP 12 billion reduction in welfare bills.

In March, Osborne had projected the budget deficit to fall to 4 percent of GDP in 2015-16 and then to 2 percent the following year. Finally, the budget would show a surplus of 0.2 percent in 2018-19, he said.