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| UK deficit 'more than predicted' | UK deficit 'more than predicted' |
| (about 1 hour later) | |
| The UK's deficit is about 2.7% more than chancellor Alistair Darling acknowledged in the pre-Budget report, the Institute for Fiscal Studies says. | The UK's deficit is about 2.7% more than chancellor Alistair Darling acknowledged in the pre-Budget report, the Institute for Fiscal Studies says. |
| The government may have to find £40bn a year by the end of 2015/16, to plug the gap in its finances, the IFS predicted. | The government may have to find £40bn a year by the end of 2015/16, to plug the gap in its finances, the IFS predicted. |
| Mr Darling, who will present his Budget on 22 April, has said the recession will be more severe than was forecast. | Mr Darling, who will present his Budget on 22 April, has said the recession will be more severe than was forecast. |
| He and Gordon Brown are due to meet the Bank of England governor to discuss measures agreed at the G20 summit. | He and Gordon Brown are due to meet the Bank of England governor to discuss measures agreed at the G20 summit. |
| Leaders of the world's largest economies reached a deal to tackle the global financial crisis with measures worth $1.1 trillion (£681bn). | Leaders of the world's largest economies reached a deal to tackle the global financial crisis with measures worth $1.1 trillion (£681bn). |
| Resources available to the International Monetary Fund (IMF) will be tripled to $750bn; there will be sanctions against secretive tax havens and tougher global financial regulation; and about $250bn will go into boosting global trade. | Resources available to the International Monetary Fund (IMF) will be tripled to $750bn; there will be sanctions against secretive tax havens and tougher global financial regulation; and about $250bn will go into boosting global trade. |
| Downing Street said the prime minister was "clear that the consensus reached at the G20 last week will make a difference to the lives and to the aspirations of families and businesses in the UK". | Downing Street said the prime minister was "clear that the consensus reached at the G20 last week will make a difference to the lives and to the aspirations of families and businesses in the UK". |
| The meeting would "help to ensure that the new regulation and supervision agreed at the summit is effected in Britain so that people can have confidence in the banks, and that British companies can access the trade finance that is being made available", a spokeswoman said. | The meeting would "help to ensure that the new regulation and supervision agreed at the summit is effected in Britain so that people can have confidence in the banks, and that British companies can access the trade finance that is being made available", a spokeswoman said. |
| The IFS is expected to predict that taxes in Britain would have to rise by at least £20bn a year to cover record borrowing. | The IFS is expected to predict that taxes in Britain would have to rise by at least £20bn a year to cover record borrowing. |
| In the pre-Budget report Mr Darling announced £38bn of fiscal tightening, to be achieved mainly through a reduction of spending but also through higher taxes. |