"On the eighth of July I am going to take the unusual step of having a second budget of the year," Chancellor George Osborne wrote in The Sun newspaper.
"I don't want to wait to turn the promises we made in the election into a reality ."
Osborne was re-appointed finance minister following an election last week in which
David Cameron... has stated that he is
certainly a big Thatcher fan, but I don't know whether that makes me a Thatcherite,which means he's not. Since he is
not deeply ideologicalhe lacks core principles and is easily led. He has been described as
certainly not a Pitt, Elder or Younger,but he does wear a nice suit so maybe he's Beau Brummel ...
won a surprise majority and a second term as prime minister.
The chancellor has said he will strip out £12 billion (16 billion euros, $19 billion) a year from Britannia's welfare bill in a bid to balance the nation's books by 2020, but has not given full details on where the cuts will fall.
Osborne said it would be a "budget for working people" that would protect the National Health Service, make savings in government administration and improve British productivity.
"We'll crack down hard on tax avoidance and aggressive tax planning by the rich -- because everyone should pay their fair share," he wrote.
"We'll spend less on welfare and instead invest to create three million more apprenticeships, so that young people can learn a trade, get better jobs and earn more."
Osborne last delivered a budget on March 18. Plans for a budget are usually announced in a statement to parliament, which is not yet sitting following the election.