Chief Secretary to the Treasury, David Laws, speaks during a news conference at the Treasury Office, in central London, May 17, 2010. Britain’s new coalition government will hold an emergency budget on June 22, Chancellor of the Exchequer, George Osborne, announced Monday as he laid out plans to tackle the nation’s record deficit. The budget will be based on forecasts from a new independent body, he said, which will make an audit of everything from outstanding contracts to pension liabilities to assess the scale of the challenge facing the new administration. AFP PHOTO/Andrew Winning/Pool