Chancellor of the Exchequer George Osborne will today outline how the new government will implement its plans to tackle the UK’s multi-billion pound deficit. The details of his emergency budget will be eagerly awaited by all corners of the country’s financial services industry.

The Conservative and Liberal Democrat parties, which formed a coalition government last month after the country's May 6 General Election resulted in a hung parliament, moved quickly to announce an emergency budget in a bid to immediately begin tackling the huge budget shortfall.