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First Conservative budget in two decades to be unveiled

British Chancellor of the Exchequer George Osborne holds Gladstone's red box as he poses for pictures outside 11 Downing Street in LondonPrime Minister David Cameron’s government will this week unveil the first Conservative budget in almost 20 years, targeting deep welfare cutbacks to honour a campaign pledge to slash spending. Chancellor of the Exchequer George Osborne, boosted by a surprise May 7 vote giving his centre-right Conservative Party an outright majority, will present his latest spending and taxation plans before parliament on Wednesday. Osborne will have a free hand with public finances after five years of coalition with the centrist Liberal Democrats, while the summer budget comes amid mounting global concern over the debt crisis in anti-austerity Greece.

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