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Edition: U.S. Article Comments (0) Slideshow Video Save Email Print Reprints Most Popular Most Shared Iran fuel deal would not fix nuclear issue-France 7:26am EDT Iran says will continue 20 percent enrichment 8:33am EDT Thai troops close in on protest encampment | Video 10:53am EDT Volcanic ash grounds hundreds of European flights | Video 7:22am EDT U.S. stocks down on earnings outlook | Video 11:33am EDT Iran agrees atom fuel deal with Turkey, Brazil 11:00am EDT Factbox: Current sanctions on Iran over nuclear program 7:28am EDT Europe blocks U.S. emergency exit door 16 May 2010 ADHD in kids tied to organophosphate pesticides 10:04am EDT U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 ADHD in kids tied to organophosphate pesticides 10:04am EDT Apple's iPhone replaces BlackBerry for some bankers 8:35am EDT Thai troops close in on protest encampment | Video 10:53am EDT U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 Iran says will continue 20 percent enrichment 8:33am EDT Exclusive: Waddell is mystery trader in market plunge 14 May 2010 Iran agrees atom fuel deal with Turkey, Brazil 11:00am EDT UPDATE 1-WHO study has no clear answer on phones and cancer 16 May 2010 U.N. to pick Costa Rican as new climate chief: sources 9:44am EDT WHO study has no clear answer on phones and cancer 16 May 2010 UK coalition to announce 2010 cuts next week: Osborne Sumeet Desai LONDON Mon May 17, 2010 8:42am EDT Related News UPDATE 1-Britain's Osborne to launch new fiscal watchdog 1:00am EDT Britain's Osborne to launch new fiscal watchdog Sun, May 16 2010 UPDATE 4-UK to audit govt spending amid budget concerns Sun, May 16 2010 UK faces "enormous" economic challenge: Osborne Sat, May 15 2010 UK's Cameron says coalition will defy doubters Fri, May 14 2010 Related Video UK coalition to announce 2010 cuts 6:27am EDT < 1 / 4 > View Full Size LONDON (Reuters) - Britain's new coalition government will next Monday outline six billion pounds ($8.75 billion) of spending cuts this year ahead of its first budget on June 22, finance minister George Osborne said on Monday. World Osborne, launching a fiscal watchdog to ensure the new Conservative-Liberal Democrat government is held to account on tackling the record budget deficit, said most of the 2010 savings would be used to reduce borrowing and some would be reallocated to support the job market. "Deficit reduction and continuing to ensure the economic recovery is the most urgent issue facing Britain," Osborne told reporters. "We understand that and we need to get moving." The previous Labour government had warned cutting spending this year could derail Britain's economic recovery but Osborne said he has the support of the Treasury and the Bank of England. Britain's budget deficit is running at close to 12 percent of GDP, a similar level to that of crisis-hit Greece, and the new government has said bringing it down is a priority in order to avoid another economic crisis. "Greece is a reminder of what will happen if governments lack the will to act decisively and quickly," Osborne said. The new independent Office for Budget Responsibility will be headed by former Bank of England policymaker Alan Budd and will publish fiscal forecasts and recommendations, under plans made by the Conservative Party before this month's election. Attempts by Labour, in power for 13 years until May, to build confidence around its budgets and forecasts failed to impress most economists but Osborne hopes his creation will help to reassure debt-wary markets that Britain is in safe hands. "The OBR will increase credibility on forecasts," said Carl Emmerson, deputy director at the independent Institute for Fiscal Studies. "When the Chancellor (finance minister) is producing his own forecasts there is clearly a concern that him or her might be tempted to make them look a little rosier than the true picture and that temptation has now been removed," he told Reuters. EMERGENCY BUDGET Osborne, who became Britain's youngest chancellor of the exchequer or finance minister in 120 years last week, will deliver his emergency budget next month after the OBR has published its first projections. While six billion pounds of cuts will make only a small dent in the forecast 163 billion pound 2010/11 deficit, much steeper reduction is expected in years to come as the economy recovers, with government spending seen as the area most ripe for action. "The main burden of deficit reduction should be done by reduced spending," said Liberal Democrat Chief Secretary to the Treasury David Laws. "What we have not done is tied ourselves into an absolutely rigid formula." The OBR will be expected to publish its forecasts at least twice a year around the time of the budget and pre-budget report, based on existing government policy at the time. And it will also have to come up with a recommendation for the amount of net fiscal tightening or loosening it judges necessary for the government's targets to be attained. While the government would not have to follow that recommendation, the finance minister would have to explain its reasons to parliament if it chose not to do so. Treasury officials have been working hard over the last month during the election campaign to identify possible cuts. Officials said that Laws, who is Osborne's deputy at the Treasury, will meet ministerial colleagues this week to agree on the 6 billion pounds of spending cuts this year, following advice from the Treasury and the Bank of England. (Editing by Jason Webb) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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