Description: The complete national budget statement in 6 parts, by Chancellor of the Exchequer George Osborne. Broadcast live on BBC News 24, 22/06/2010. VAT rising from 17% to 20% on 4th January 2011. Basic items, including newspapers and printed books will remain unaffected. Please not part 4 was 10 seconds too long and was rejected. The summary in part 6 lists the key policies. The United Kingdom grapples with paying a massive national debt accumulated by decades of unrestricted financial management. "Consumption beyond our means" in a world of limited resources - Osborne on the practical measures to address the problem, most notably a cut in state benefits, raising VAT from 17% to 20% from 4th January 2011, and limiting child support after the first birth.