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Emergency Budget

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Emergency Budget 

a schedule of state revenues and expenditures that is regarded as an addition to, rather than a formal part of, the ordinary state budget and is approved by a special procedure differing from that for the ordinary budget.

In capitalist countries of the era of premonopoly capital, emergency budgets were introduced sporadically, chiefly in wartime. In the present stage of the general crisis of capitalism, emergency budgets, which have become a recurring phenomenon, are used to conceal or minimize chronic budget deficits, to help provide funds for military appropriations and strategic construction projects, and to service the national debt. They exist in several capitalist countries in various forms, including supplementary budgets and budgets comprising special receipts and expenditures. The USSR does not have emergency budgets.



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Summary: George Osborne's emergency Budget hit the poorest hardest, a leading economic think-tank has said.
Prime Minister David Cameron's coalition government, which took office after May's election, introduced cuts in welfare and public spending in a hard-hitting emergency budget in June to help reduce Britain's record deficit.
The financial fallout from the volcanic ash disruption was greater than expected, whilst consumer caution after the government's emergency budget and hot weather in the UK were also cited as reasons for the poor performance.
 
 
 
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