Government unveil emergency budget

The government have unveiled their emergency budget, which outlines a package of savings and cuts, to reduce the deficit.

The first budget of the Coalition Government, and the first announced by Chancellor of the Exchequer, George Osborne, will reflect its stated values of responsibility, fairness and freedom.

The emergency budget comes six weeks after the coalition government came to power and three months after the budget announced by Labour.

It is said to be one of the toughest in decades.

The 150-year old Gladstone red box is to be used for the last time for this budget announcement, and then put on display at the Cabinet War Rooms in Whitehall.

Osborne: "In this Budget everyone will be asked to contribute. But in return we make this commitment. Everyone will share in the rewards when we succeed. When we say that we are all in this together, we mean it."