The Chancellor Mr. George Osborne has said that Britain is on the road to ruin unless any action against that is taken in the upcoming budget on Tuesday to manage the deficit. According to the Chancellor, the coalition government had implemented some critical and unpleasant financial situation for which the economy is facing some issues now.

He has also said that he is going to set a four years plan to tackle this type of situation. Although the action against the deficit was not avoidable, he is aiming to deliver "prosperity for all".

The ex-Labour minister John Hutton is going to be appointed as head of the commission in to the public sector pension plans by the Chancellor.

According to Mr. Osborne, the involvement of Mr. Hutton in to the commission would make the future pensions independent. He has denied giving more details about the upcoming budget but experts have commented that it will obviously include the proposals of conservative election to ease the National insurance for new business. It is expected that the threshold for National Insurance of the employers will increase just a little by 21 Euros.