Osborne was appointed Chancellor of the Exchequer on 11 May 2010, and was sworn in as a Privy Counsellor two days later. Osborne acceded to the chancellorship in the continuing wake of the financial crisis. Two of his first acts were setting up the Office for Budget Responsibility and commissioning a government-wide spending review, which was to conclude in autumn 2010 and to set limits on departmental spending until 2014–15. Shortly before the 2010 election, Osborne had pledged to be "tougher than Thatcher" on Britain's budget deficit, and he duly set himself the target of reducing the UK's deficit to the point that, in the financial year 2015–16, total public debt would be falling as a proportion of GDP. On 24 May 2010, Osborne outlined £6.2bn cuts: "We simply cannot afford to increase public debt at the rate of £3bn each week." Documents leaked from the Treasury the following month revealed that Osborne anticipated his tighter spending would lead to 1.3  million jobs being lost over the course of the parliament. Osborne termed those who objected to his policy "deficit-deniers".