Chancellor George Osborne plans to hold an emergency budget on 22 June, and will give more detail on his £6bn cuts plan next Monday.

Osborne said the “emergency Budget” would happen 42 days after the signing of the coalition agreement, in which the Liberal Democrats agreed to back the Conservatives’ “deep and fast” spending cuts agenda.

Cuts are expected to fall on back-office functions first, including IT and some consultancy projects.

News of an emergency budget date comes as the new government launches a detailed examination of the public finances, which is due to be lead by economist Sir Alan Budd.

The new government has this weekend accused Labour of concealing the true scale of public spending woes, criticising the sign-off of £420m funds for the Building Schools for the Future programme.

David Cameron promised yesterday to launch a review of the previous government’s spending decisions since January. He also said he would look to wipe out civil service bonuses for all but the best performing 25% of mandarins, in a bid to save £15m a year.

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