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UK Treasury chief to focus on economic security in budget

Artist Kaya Mar poses for photographs with his painting of British Chancellor of the Exchequer George Osborne on budget day outside Downing Street in London, Wednesday, July 8, 2015. It is the first economic budget since Britain's Conservative party won the general election with an overall majority. (AP Photo/Matt Dunham) Artist Kaya Mar poses for photographs with his painting of British Chancellor of the Exchequer George Osborne on budget day outside Downing Street in London, Wednesday, July 8, 2015. It is the first economic budget since Britain's Conservative party won the general election with an overall majority. (AP Photo/Matt Dunham)

By Associated Press July 8, 2015 1 min read

LONDON (AP) – The U.K. Treasury chief is promising to put economic security in the forefront in the first budget put forward by an all-Conservative government in nearly two decades.

Chancellor George Osborne made the pledge to his Twitter followers on Wednesday. Now that he no longer has constraints from Liberal Democrat coalition partners in government, Osborne is expected to announce major cuts on welfare spending, chopping housing benefits and scrapping student grants.

He is also expected to reward Conservative voters with tax cuts for middle-earners and those inheriting family homes.

Noting the plight of Greece, Osborne will say the painful changes are necessary – and that it would be a big mistake to think the country’s economic troubles are solved.

Britain has faced soaring deficits following the 2008 financial crisis.