Page last updated at 12:46 GMT, Monday, 17 May 2010 13:46 UK

Osborne warns of 'disastrous consequences' for economy

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Chancellor George Osborne has warned of "disastrous consequences" for the economy unless action is taken now to improve the state of the public finances.

Mr Osborne was speaking at the Treasury as he launched a new fiscal watchdog - the Office of Budget Responsibility.

He also confirmed the government wants to make £6bn worth of cuts in public spending and that he would deliver an emergency budget on June 22.

Ben Wright reports.

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