In the United Kingdom, Chancellor George Osborne presents the coalition government's emergency budget statement to the House of Commons.
Iain Duncan Smith resigns his position as the United Kingdom's Secretary of State for Work and Pensions, in opposition to cuts in disability benefit proposed by George Osborne, the Chancellor of the Exchequer.
In the United Kingdom, the unelected House of Lords, Parliament’s upper house, delays by three years reductions in tax credits paid to working people that would have cost affected families an average of £1,300 ($2,000) a year. This is the first major setback for George Osborne, Chancellor of the Exchequer, since the general election. Osborne said the government will "lessen" the impact of tax credit cuts for those affected, while vowing to press on with changes designed to save billions from welfare.
Chancellor of the Exchequer George Osborne hails the results as proof that the economy is going through a steady recovery, but opposition Labour Party leader Ed Miliband asserts that the recent spending review and budget cuts will harm economic performance.
Nobel-winning economist Christopher Pissarides states that Britain's Finance Minister George Osborne is exaggerating the possibility of a crisis and unnecessarily risking the country's economic recovery with his deep spending cuts.
In the United Kingdom, Chancellor George Osborne outlines a Comprehensive Spending Review which will see the biggest spending cuts in decades, totalling £81bn, with welfare, local government and police particularly affected.