Here we go - let the cutting begin

So after an incredible general election which put the economy centre stage, a remarkable coalition deal and then the early appetiser £6.2 billion cuts, we now come to the meat.

George Osborne will set out exactly what he plans to do to tackle the £155 billion deficit in three quarters of an hour.

I am told Labour's vindictive plan to hike tax on cider will be dealt with, along with measures to reverse a tax raid on holiday homes which put billions in the Westcountry's tourism industry at risk.

The Sun is reporting that Capital Gains Tax will rise to 28 per cent, which sounds a bit like trying to be higher than 18 but lower than 40 - pleasing neither Lib Dems nor right wing Tories.

I stuck my neck out yesterday and said I wasn't sure VAT would rise. The FT makes a similar prediction this morning. We will see.

Anyway, we'll get the full details in 45 minutes.

For now, here is what Mr Osborne has had to say first thing to whet our appetites:

“My budget is tough but it will be fair. This is an unavoidable Budget because of the mess we have to clear up.

“So the Coalition Government will take responsibility for balancing Britain's books within five years.

“We're going to do it fairly, protecting children and pensioners, and ensuring the richest contribute the most.

“And it means getting enterprise going, because it's businesses, not government, that will create the jobs of the future.”