Britain says annual budget to be held on March 21

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The British government's next annual budget will be held on March 21, 2012, finance minister George Osborne said Wednesday.

Osborne revealed the date of his third budget statement in an appearance before parliament's Treasury Select Committee, where he answered questions about last week's autumn spending statement.

Chancellor of the Exchequer Osborne also added that he would give the coalition government's official response to far-reaching banking sector reforms on December 19.

The Independent Commission on Banking recommended in September that lenders should ring-fence retail operations from riskier investment divisions, and needed to set aside more cash to guard against any new financial shocks.

© 2011 AFP

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