Here's everything we know so far about Britain's Summer Budget

Britain's Chancellor of the Exchequer, George Osborne, holds up his budget case for the cameras as he stands outside number 11 Downing Street, before delivering his budget to the House of Commons, in central London March 18, 2015. (BRITAIN - Tags: POLITICS BUSINESS)REUTERS/Stefan WermuthBritain’s Chancellor of the Exchequer, George Osborne, holds up his budget case for the cameras as he stands outside number 11 Downing Street, before delivering his budget to the House of Commons, in central London March 18, 2015.

Britain’s Chancellor George Osborne is delivering an “emergency” budget on Wednesday — officially called the Summer Budget — the first since the surprise Conservative election victory in May.

It’s also being called an “emergency” budget because it’s coming so fast after the election and the last budget, which was in March.

As always, plenty of the budget’s content was leaked out ahead of time. The key focus is likely to be on much more austerity. Osborne has promised to reach a budget surplus — spending less than it collects in taxes — by 2017/18, something the Conservatives haven’t managed over the last 5 years.

Mike Turley, head of public sector at Deloitte, expects £12 billion ($US18.5 billion) worth of additional welfare cuts over the next two years, saying: “The Office for Budget Responsibility forecasts suggest that cuts in 2016-17 and 2017-18 will be twice as deep as any annual cut in the last Parliament. Then further cuts in 2018-19 will be comparable to those under the coalition.”

Here’s everything we know to expect so far from tomorrow’s Budget:

Other things we could see are further economic devolution, a possible cut of the top rate of tax from 45 pence to 40 pence, and renewed efforts to tax non-doms.

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