New British Chancellor George Osborne has announced that the new government's emergency budget will be on June 22.
The Conservative-Liberal Democrat coalition led by Prime Minister David Cameron had promised a budget to lay out spending cuts and other measures to tackle Britain's record deficit within 50 days of signing a power-sharing deal.
Mr Osborne said that he would also be setting out next week details of the £6 billion of spending cuts to be made this year.
Speaking at the Treasury with new Liberal Democrat Treasury Chief Secretary David Laws alongside him, Mr Osborne warned that failure to tackle the UK's record deficit would be 'disastrous'.
Mr Osborne said the 'great majority' of the savings would be used to start paying down the deficit.
Mortgage lending bounce in March
Meanwhile, figures show that UK housing market activity bounced back during March with a 25% jump in the number of mortgages advanced to people buying a property.
Around 45,000 mortgages were lent for house purchase during the month, up from 36,000 in February, according to the Council of Mortgage Lenders.
The increase suggests the housing market is regaining momentum following a subdued start to the year due to the end of the stamp duty holiday and January's severe winter weather.
