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Darling to detail pre-poll Budget Darling to unveil pre-poll Budget
(20 minutes later)
Chancellor Alistair Darling is preparing to give his third budget, the last before the general election. Chancellor Alistair Darling is preparing to deliver his third budget, the last before the general election.
He is expected to describe it as "a Budget to secure the recovery and invest in our industrial future".He is expected to describe it as "a Budget to secure the recovery and invest in our industrial future".
It is thought stamp duty on house sales of up to £250,000 will be scrapped and a planned rise in petrol duty delayed. It is thought stamp duty on house sales of up to £250,000 may be scrapped and a planned rise in petrol duty delayed.
Tory leader David Cameron says more "vision" is needed to tackle the deficit while the Lib Dems have called for specific details and openness.Tory leader David Cameron says more "vision" is needed to tackle the deficit while the Lib Dems have called for specific details and openness.
BUDGET 2010 ON THE BBC Follow all the Budget day action, analysis and reaction as it happens on the BBC News website. with the build-up to then 1230 statement from the chancellor fact herefact here
New tax rises and spending cuts are unlikely to be outlined, ahead of the election expected to be held on 6 May.New tax rises and spending cuts are unlikely to be outlined, ahead of the election expected to be held on 6 May.
But Mr Darling might spell out more details of where the government expects to make £11bn of public sector efficiency savings by 2012/13.But Mr Darling might spell out more details of where the government expects to make £11bn of public sector efficiency savings by 2012/13.
'Growth package''Growth package'
Latest figures suggest that government borrowing for 2009-10 - which had been predicted to reach £178bn - might be nearer £170bn, largely due to lower-than-expected unemployment.Latest figures suggest that government borrowing for 2009-10 - which had been predicted to reach £178bn - might be nearer £170bn, largely due to lower-than-expected unemployment.
BBC political editor Nick Robinson said Mr Darling would say he could invest now while staying on course to reduce the deficit, thanks to the unemployment figures, higher taxes on bankers' bonuses and some reprioritising of spending.BBC political editor Nick Robinson said Mr Darling would say he could invest now while staying on course to reduce the deficit, thanks to the unemployment figures, higher taxes on bankers' bonuses and some reprioritising of spending.
The chancellor is expected to outline a plan for the future, with billions invested in digital jobs, broadband for all, high-speed rail and biotech industries.The chancellor is expected to outline a plan for the future, with billions invested in digital jobs, broadband for all, high-speed rail and biotech industries.
The Treasury is refusing to comment on reports about stamp duty. But if announced it would be similar to Tory proposals for first time buyers.The Treasury is refusing to comment on reports about stamp duty. But if announced it would be similar to Tory proposals for first time buyers.
We cannot afford to run the risk that the Tories would offer of snuffing out this recovery Lord MynersCity minister We cannot afford to run the risk that the Tories would offer of snuffing out this recovery Lord MynersCity minister class="" href="/2/hi/uk_news/politics/8579677.stm">The politics of the Budget
The BBC's chief economics correspondent Hugh Pym said the financial markets - which have to fund the government's borrowing - will not be impressed if Mr Darling does not reduce the deficit as much as he can.The BBC's chief economics correspondent Hugh Pym said the financial markets - which have to fund the government's borrowing - will not be impressed if Mr Darling does not reduce the deficit as much as he can.
Mr Darling is expected to say: "This will be a budget to secure the recovery, tackle borrowing and invest in our industrial future.Mr Darling is expected to say: "This will be a budget to secure the recovery, tackle borrowing and invest in our industrial future.
"At its heart is a growth package to help small business, promote innovation, invest in national infrastructure and key skills."At its heart is a growth package to help small business, promote innovation, invest in national infrastructure and key skills.
"This package will be partially paid for by switching spending from within existing allocations.""This package will be partially paid for by switching spending from within existing allocations."
On Tuesday, City minster Lord Myners said there would be measures to force British banks to offer basic accounts to every UK adult, to address what the government describes as the "financial exclusion" of poor and disadvantaged Britons.On Tuesday, City minster Lord Myners said there would be measures to force British banks to offer basic accounts to every UK adult, to address what the government describes as the "financial exclusion" of poor and disadvantaged Britons.
He told the BBC it would be "a budget which will help the economy through the early stages of recovery. We cannot afford to run the risk that the Tories would offer of snuffing out this recovery".He told the BBC it would be "a budget which will help the economy through the early stages of recovery. We cannot afford to run the risk that the Tories would offer of snuffing out this recovery".
Where are the famous red boxes made?
Tax evasionTax evasion
Other predictions for the Budget include moves to force state-owned banks to increase lending by more than £80bn, a crackdown on tax evasion by wealthy investors and a green investment fund to finance projects such as wind farms and renewable energy.Other predictions for the Budget include moves to force state-owned banks to increase lending by more than £80bn, a crackdown on tax evasion by wealthy investors and a green investment fund to finance projects such as wind farms and renewable energy.
There has also been speculation that Mr Darling might choose to provide extra help for young unemployed people hard hit by the recession. There has also been speculation that Mr Darling might choose to provide extra help for young unemployed people.
One of the key tests of the government tomorrow is whether they are willing to be specific, willing to be open about what they are going to cut Vince CableLib Dems Where are the famous red boxes made?
The chancellor told the BBC at the weekend there would be no "giveaways" and people wanted "a sensible, workmanlike Budget". He also said a rise in VAT was "not on the table".The chancellor told the BBC at the weekend there would be no "giveaways" and people wanted "a sensible, workmanlike Budget". He also said a rise in VAT was "not on the table".
Labour and the Conservatives have clashed over when the government should start reducing spending to tackle the budget deficit, which is among the highest in Europe and is expected to hit about 12.6% of GDP this financial year - well above the EU target of 3%.Labour and the Conservatives have clashed over when the government should start reducing spending to tackle the budget deficit, which is among the highest in Europe and is expected to hit about 12.6% of GDP this financial year - well above the EU target of 3%.
Last week the European Commission criticised the government's plans to halve the deficit in four years, saying they were not ambitious enough.Last week the European Commission criticised the government's plans to halve the deficit in four years, saying they were not ambitious enough.
On Tuesday, Conservative leader David Cameron urged the government to reconsider its commitment to increase public spending this year and said delaying cuts in government programmes to next year was "ludicrous".On Tuesday, Conservative leader David Cameron urged the government to reconsider its commitment to increase public spending this year and said delaying cuts in government programmes to next year was "ludicrous".
Without prompt action to tackle the deficit, the UK faced slipping into a "danger zone" with rising interest rates and eroding confidence in the financial markets, he added.Without prompt action to tackle the deficit, the UK faced slipping into a "danger zone" with rising interest rates and eroding confidence in the financial markets, he added.
Lib Dem Treasury spokesman Vince Cable told the BBC on Tuesday: "One of the key tests of the government tomorrow is whether they are willing to be specific, willing to be open about what they are going to cut."Lib Dem Treasury spokesman Vince Cable told the BBC on Tuesday: "One of the key tests of the government tomorrow is whether they are willing to be specific, willing to be open about what they are going to cut."
Meanwhile, the Public and Commercial Services union will stage their first Budget day strike - and union members are expected to mount picket lines outside the Treasury, Downing Street and Parliament in a row over redundancy pay. Meanwhile, the Public and Commercial Services union will stage their first Budget day strike - union members are expected to mount picket lines outside the Treasury, Downing Street and Parliament in a row over redundancy pay.
Do you have a question on the budget you would like us to put to our expert? Send us your questions using the form below. You can also go to our debate to tell us what you would like to see in the budget.Do you have a question on the budget you would like us to put to our expert? Send us your questions using the form below. You can also go to our debate to tell us what you would like to see in the budget.
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