Osborne sets date for 2011 Budget

The Chancellor announced that he will present his 2011 Budget to Parliament on 23 March yesterday as he proposed changes to the way government spending is dished out.

George Osborne told the Treasury Select Committee he hoped next year's Budget would contain details of a new framework for department funding to improve budget discipline across the government, as the Coalition seeks to cut £81bn from spending over four years.

Currently, department budgets are split into two broad areas – a fixed department spending limit and a flexible annual spending top-up facility.

Meanwhile, on 29 November, the Office for Budget Responsibility will update economic growth and government borrowing forecasts.