With the Chancellor constrained by both the public finances and a desire not to rock the boat ahead of the EU referendum, this Budget is unlikely to be a radical affair. Any changes to the borrowing forecasts certainly won’t be as favourable as in November’s Autumn Statement. Indeed, Mr Osborne may even have to plan more austerity to avoid breaking his fiscal rules. Buteven if he does not implement additional tightening, the fiscal squeeze is due to intensify.
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