Pre-budget report and Crosby report due today

This afternoon chancellor Alistair Darling will announce the pre-budget report that is expected to introduce tax cuts, including cutting VAT from 17.5 per cent to 15 per cent, while increasing government spending, in a boost to get the economy back on its feet. Also expected to be announced are a series of measure to stem the number of repossessions, which last week increased 12 per cent on the previous quarter, including a three months’ grace period before lenders start proceedings; allowing owners to sell parts of their homes to councils; and help with mortgage payments for the newly unemployed.