Budget Analysis: What can we expect?

The Budget will take place later today Photo: Calendar

It's a big day for the Chancellor George Osborne and also the government, which has had a bumpy start to the year. The loss of our AAA rating and an economy which is showing little sign of recovery has put Mr Osborne under pressure to deliver a budget which will lift the spirits of all of us.

Business wants radical measures to stimulate growth and there are calls for Mr Osborne to tackle the rising costs of living. A report this week revealed that middle class families have seen their incomes fall by more than £3,000 since the recession.

The Chancellor George Osborne will deliver the budget later today Credit: Lewis Whyld/PA Wire/Press Association Images

Mr Osborne is expected to scrap a planned rise in fuel duty, offer more help to homebuyers and give tax breaks to help working families with the cost of childcare, which will come as welcome news to young mothers like Emma Grundy, from Sheffield, whom we featured on Calendar on Monday night.

It's also expected that there'll be a flat rate £155 a week pension and a cap of £73,000 on the costs of social care which an individual will have to find before the state will help. The cost of cigarettes and alcohol is expected to rise in line with inflation.

What is clear that Mr Osborne and the government will not be deflected from their austerity measures, and that's bad news for hard-pressed local authorities across our region who've seen their budgets dramatically squeezed over the past few years. Mr Osborne's hope that growth in the private sector would regenerate the economy hasn't materialised.

Drinkers are used to an increase in price after the Budget Credit: Johnny Green/PA Wire/Press Association Images

Only this week, the chairman of the South and East Yorkshire Federation of Small Businesses complained that too many of his members were seeing requests for finance rejected or put on hold by the banks.

The federation also accused the government of not offering firms enough incentive to take on apprentices.

In a speech to the British Chambers of Commerce, the Labour leader and Doncaster North MP Ed Miliband said that jobs in the future "are not going to come from a small number of large firms, but a large number of small firms".

The federation is hoping that Mr Osborne takes note.