CLEAN: UK braced for emergency budget

The video discusses the UK's fiscal deficit, which exceeds £150 billion, and the need to demonstrate to markets the ability to reduce it. The reduction will primarily come from public spending cuts, with some tax increases. The focus is on middle and upper-middle income earners, as there are few millionaires. The UK public understands the need for action, and the chancellor must show fairness in tax and spending changes. The best time to address such issues is in the first budget after an election to avoid bad news before the next election.

What is the fiscal deficit of the UK mentioned in the text?

What are the two main components that will contribute to the reduction of the fiscal deficit?

Who are the groups that the government is likely to target for tax increases?

What is the public perception regarding the fiscal deficit in the UK?

When is the best time for a finance minister to tackle issues related to the fiscal deficit?