Scrap business-tax changes, says CBI

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Lambert urged Alistair Darling to ditch the usual "Budget theatricals" and replace the whole speech on 12 March with six paragraphs essentially stating that global economic conditions are currently too dicey to start imposing new taxes.

In Lambert's suggested version of the speech, Darling would say:

On the near-term economic outlook: "While credit conditions continue to tighten, it is not possible to make credible judgments...This problem is compounded by the problems at Northern Rock."

On the existing three-year spending plans: "It now looks likely that I will need to revisit them to some degree next year."

On revenues: "This is no time to be imposing increased taxes affecting business and I have decided to postpone all these proposals for this year."

On the Budget's Finance Bill: "The House will be pleased to know that this year's Bill will extend to six pages, as compared to 305 last year."

To read the full speech click here