The chancellor has announced that this year's Budget will be held on Wednesday March 16.

Gordon Brown made the announcement on Wednesday in a written ministerial statement to MPs.

The address will be a key plank of Labour's election campaign and is expected to focus on science, skills, and helping first time homebuyers.

The state of the public finances will also be keenly examined, as the Treasury makes its latest forecast over whether it is on course to meet the chancellor's fiscal rules.

With public debt rising Brown is under pressure, although with tax receipts better than expected in January the latest indications are that he may just squeeze through his golden rule and sustainable investment tests, which were designed to balance the budget over the economic cycle and ensure borrowing is only used for investment.

But there is expected to be little room to match Tory tax cuts.

Although he pledged there will be "no pre-election giveaways", the chancellor may cut stamp duty on first homes and provide tax breaks for training and scientific research.