Staff and students from Lambeth College marching through south London, yesterday, in protest against proposed cuts in the education service, ahead of the governments emergency Budget today. Britain is preparing for big spending cuts and tax hikes in the new government's emergency Budget as Prime Minister David Cameron's coalition attacks a record deficit. Chancellor of the Exchequer George Osborne will today deliver the Conservative-Liberal Democrat coalition's first Budget to Parliament since taking power after last month's general election.