Pre-budget update 1

Dec 9 2009 By Andrew Mernin

THE Chancellor of the Exchequer Alistair Darling rose to deliver his Pre-Budget Report to the House of Commons at 12.32pm.

Mr Darling told MPs the PBR was taking place at a critical time for our economy and for our country.

There is growing evidence that global confidence is returning and the Chancellor is confident the UK economy will start growing by the turn of the year.

VAT will return to 17.5% in January as planned.