The Treasury announced today that Chancellor of the Exchequer Alistair
Darling will deliver his maiden budget speech on 12th March 2008 at
12.30pm. The 2008 Budget comes against a background of volatile global
stock markets, a credit crunch, falling house prices and the continuing
uncertainty over the future of Northern Rock. A report from the
Institute of Fiscal Studies indicates that Darling would have to raise
about eight billion pounds in taxes to avoid breaking the government's
self-imposed fiscal rules over the coming five years.