Budget to be held on March 24

Prime Minister Gordon Brown has confirmed the date of the Budget as March 24 with speculation mounting that the general election will be 6 weeks after – on May 6.

The Treasury is set to confirm the Budget date later in a written statement to MPs.

Meanwhile, in the build-up to the budget, Chancellor Alistair Darling will be expected to provide more detail about how he plans to trim the deficit.

The annual rate of borrowing is expected to hit a record high this year – at about £178 billion and the Government has come under pressure over the last few weeks about how they plan to reduce the deficit.

At the weekend, Mr Darling said he was “absolutely committed” to reducing the UK’s deficit and said his Budget would show he was “on course” to reduce borrowing.

Meanwhile, Labour’s poll rating has improved of late and Mr Brown said the Government had steered the economy through a “storm”.

Figures published last month revealed the UK economy saw growth of 0.3% in the fourth quarter of last year – stronger than original estimates.

However many will be looking for the crucial quarter one figures – expected in late April – just days before the election.

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