Budget Date Set

Gordon Brown has confirmed that the Budget will be delivered in "two weeks' time", fuelling speculation that there will be a general election on 6 May.

The prime minister took centre stage by divulging the Budget date in a speech at Thomson Reuters in Canary Wharf. The Treasury is expected to confirm in a written statement to parliament later today, that chancellor Alistair Darling will present his annual Budget to the House of Commons on Wednesday 24 March.

This year's Budget comes at a pivotal point both financially and politically. The chancellor has to strike a balance between tackling an annual public deficit hovering around £180m and sustaining 2010's precarious economic recovery. The significance of his Budget decisions will be amplified within a few days, when the prime minister is expected to launch his general election campaign while the debate on the Finance Bill is still taking place.

Depending on the election result, we could end up going through the whole Budget process again in June if the incoming chancellor wants to introduce emergency fiscal measures.

Whatever scenario develops in the next few weeks, WS Accountancy will be reporting with our own Budget coverage.