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Full Article After years of doubt, South Africa is ready Profile of host nation South Africa UK coalition to start budget deficit cuts this week Matt Falloon LONDON Sun May 23, 2010 9:48am EDT Related News British govt mulls bank tax for budget - report Sat, May 22 2010 UK's Clegg acknowledges hurdles to voting reform Wed, May 19 2010 UK coalition to announce 2010 cuts next week: Osborne Mon, May 17 2010 UPDATE 4-UK to audit govt spending amid budget concerns Sun, May 16 2010 FACTBOX-Policies agreed by UK's new coalition government Wed, May 12 2010 LONDON (Reuters) - Britain's Conservative-Liberal Democrat coalition government will Monday get to work cutting spending to reduce a record budget deficit as it seeks to ease fears of contagion spreading from Europe's fiscal crisis. The new coalition, formed after the May 6 election produced no outright victor, will also announce its first program of law-making this week, including political reforms and tighter banking regulation. World Conservative finance minister George Osborne and his Lib Dem deputy David Laws will Monday announce how government departments will share the burden of an initial 6 billion pounds ($8.62 billion) of savings in 2010. Government advisory bodies -- known as quangos -- are expected to lose about 500 million pounds in funding and the sprawling business ministry may have to shoulder upwards of 700 million pounds of savings. The coalition says cutting Britain's budget deficit, which is running above 11 percent of gross domestic product, is its top priority, especially since Greece's debt crisis has rattled investor confidence the euro zone. "I don't think we anticipated ... quite how sharply the economic conditions in the euro zone would have deteriorated and the need to show that we need to get to grips with this suddenly became much greater," Lib Dem Deputy Prime Minister Nick Clegg told BBC television Sunday. An emergency budget on June 22 will outline the scale of spending cuts and tax rises needed to achieve the coalition's aim of cutting the deficit faster than the previous Labor government, which wanted to halve borrowing over four years. BANK TAXES The Independent Sunday newspaper said Treasury officials were looking into a tax or combination of measures on banks, possibly worth up to 8 billion pounds a year. There has also been speculation of a rise in the rate of VAT sales tax. The Treasury declined to comment on the report but the Conservatives have said they would be prepared to introduce a bank tax even before international agreement had been reached. Policymakers from leading economies will discuss proposals for such taxes early next month. Even with such a hefty tax income from the financial sector, the size of Britain's budget deficit, forecast to hit 163 billion pounds this year, means far harsher spending cuts are needed in years to come than those announced for 2010. Putting those tough decisions into action and negotiating which public services should be cut could put pressure on relations within the coalition, which has been keen to stress so far that it intends to serve a full five-year term. Parts of both parties have voiced concerns about the compatibility of the two parties in Britain's first coalition government since World War Two -- and both sides have already made significant concessions so far. The Lib Dems had been opposed to spending cuts this year for fear they could derail Britain's frail economic recovery from the worst recession in at least 60 years. The Conservatives, opposed to any changes to the electoral system, have said they are prepared to give voters the chance to change how they elect party candidates to parliament -- a coup for the reform-hungry Lib Dems. Political reforms, including a switch to fixed-term parliaments and cutting the number of members of parliament, are likely to form part of the coalition's first legislative program due to be announced by the Queen at the state opening of parliament Tuesday. Two Sunday newspapers said they had obtained drafts of that speech, which outlined an ambitious aim to introduce more than 20 new bills to parliament over 18 months but contained few surprises on top of the already agreed coalition policy plan. (Editing by Elizabeth Fullerton) 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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