Date set for first Darling Budget

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Chancellor Alistair Darling will deliver his first Budget on 12 March, the Treasury has said.

The announcement comes amid volatile global stock markets, a credit crunch, falling house prices and uncertainty over the future of Northern Rock.

The Budget is when the government sets out its tax plans and reports on the state of the UK's economy.

Mr Darling's Budget, due to start on the Wednesday at 1230 GMT, is his first since succceding Gordon Brown.