Newsflash: Budget leak, latest news and Darling confirms there will be no second Budget should Labour win the election

1 min Read Published: 22 Mar 2010

According to the Mirror leaked documents show the break-up of Britain's banking system will be the centrepiece of Alistair Darling's Budget this week.....

The Mirror goes on to claim that the confidential briefing notes show Darling will:

  • Set up the Government's own investment bank funded by a £1billion privatisation of the Channel tunnel rail link to fund large projects such as nuclear power stations and high-speed train networks.
  • Relax restrictions on setting up high-street banks to allow at least three new financial firms to come in to provide better deals on mortgages and overdrafts.
  • Bring In "capital funds" to allow small businesses to apply directly for government loans when they are turned down by the banks.

Meanwhile….

ALISTAIR Darling yesterday insisted Labour would not hold a second Budget should it win the general election and ruled out a rise in VAT, dismissing Conservative claims that this week's Budget would be "window dressing".

Despite better-than-expected tax and borrowing figures, the Chancellor has ruled out a pre-election "giveaway" and said the public wants a "sensible and workmanlike" Budget on Wednesday.

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