Chancellor of the exchequer George Osborne has announced the coalition government's next Spending Review is going to take place in the summer.
He confirmed that it will be revealed on June 26th and shadow chancellor Ed Balls stated it is a Spending Review the chancellor did not want to have to carry out.
Mr Balls highlighted the fact that the coalition government said it would have the economy under control by this time.
He said: "They said their plan would balance the books by the time of the next election, but their failure to deliver economic growth means there is now set to be a deficit of over £80 billion in 2015/16."
Mr Balls accused Mr Osborne and prime minister David Cameron of wanting to stick with the same "failing policies" that have failed to get the economy moving.
The UK's economy will drop into a triple-dip recession this spring unless there was growth between January and March.
Learn about the sterling and forex trading at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.