- My Account
- Logout
- Register
- Login
Darling announces 2009 budget date
Related Articles
12 February 2009
"I can tell the House that, following the meeting of the G20 countries in April, this year's Budget statement will be on the 22nd of April - that is when the House returns after its Easter recess," Darling told parliament.
He looks almost certain to cut his forecast for economic growth for this year. In November, he predicted the economy, which fell into recession at the end of last year, would start recovery in the second half of 2009.
Economic data all around the world, however, have come in weaker than expected and the Bank of England on Wednesday forecast that the British economy would shrink for most of this year and at a much sharper rate than it had forecast three months ago.
The International Monetary Fund has said Britain's economy will be the hardest-hit among the Group of Seven, shrinking by 2.8 percent this year. Darling said in November that GDP in 2009 would fall by between 0.75 and 1.25 percent.
Given the dire economic outlook, there are growing expectations that Darling will ramp up public borrowing again on top of his 20 billion pound stimulus plan announced in November.
Prime Minister Gordon Brown's Labour government, lagging in the polls and needing to fight an election in less than 18 months, has repeatedly cited the virtues of higher government spending to pull Britain out of recession.
"Fiscal stimulus is hugely important," Treasury minister Yvette Cooper told parliament on Thursday.
The November pre-budget report forecast public sector net borrowing of 118 billion pounds, or some 8 percent of GDP, in 2009/10 and the government is already issuing a record amount of gilts this year.
But Darling will be keen to stress an intention to bring the budget deficit back under control once the economy recovers.
Comments
Top stories in Business
Top stories in Business
-
London gets ready for the Diamond Jubilee - in pictures
-
EXCLUSIVE: I won't play with Joey Barton, says Adel Taarabt
-
Diamond Jubilee: Boat by boat, here is where to watch the Queen's Thames flotilla - VIDEO
-
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party
-
News pictures of the day
-
London 2012 Olympics: Raising the bar and the Games haven't even started yet. Price of toasting Team GB is £6 a pint! -
Timebomb ticking in Thames Estuary could put Boris Island plans in jeopardy -
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party
-
‘We will form a human barricade to keep missiles off our homes’
-
Regent’s Park rapist: Teenage jogger assaulted by stranger in terrifying 7am attack
The O2
Check out the cool stuff happening under our tent such as the hottest gigs, comedy, sport, films, clubs, bars, restaurants and much more.
A home to be proud of with Halifax
Download the Halifax's brilliant, free new Home Finder app, and take all the pain out of finding your dream home.
Can you imagine a career in teaching?
Be inspired to teach - let real teachers show you how rewarding the job can be.
Playing a game-changing role during the Games
Cisco is providing the solutions for London 2012's complex IT needs.
Win a Silverstone track day with Zantac 75
Feel the burn of a different kind - 20 Silverstone motoring experiences to be won
Celebrate with MARTINI®
This weekend toast one royal with another and make your Jubilee sparkle with a MARTINI Royale.
Reader Offers email A fantastic selection of
offers, giveaways and
promotions.
Why I think doctors are right to strike
Family pay tribute to the London man who gave his life to save a five-year-old girl from drowning
Eton schoolboys fly Games flag on Everest
Horror on the 5.53! Commuter dragged 200 feet after getting hand trapped on train
Shrimpy's - review