Chancellor George Osborne today announced that he will deliver his first emergency Budget on 22 June, exactly six weeks after the new coalition government took office.

Mr Osborne said he would also be setting out next week details of the £6bn 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 that he and Mr Laws were agreed that the cuts this year were achievable without affecting frontline public services.

He said that the “great majority” of the savings would be used to start paying down the deficit.

“It is the clear view of the Treasury and the governor of the Bank of England that these are necessary actions to ensure stability and secure the recovery,” he said.

“The Treasury’s assessment is that there is a strong economic case for an immediate spending reduction of £6bn. So we are in no doubt that this action is advisable.

“By tackling wasteful spending now rather than later, we can demonstrate our commitment to tackling the deficit.”