Wednesday preview: Osborne delivers UK Budget

Chancellor George Osborne has come under pressure to inject life into the UK economy as he prepares to unveil the 2013 Budget on Wednesday.

Osborne has ordered most government departments to make a further 1.0% cut to budgets over the next two years to allow for savings of £2.5bn to fund extra capital spending.

He said departments can afford to slash budgets because they under-spent this year by more than the average.

Total annual under-spends across departments have averaged around £6.0bn since 2007. The government expects the amount underspent for 2012/13 will be somewhat higher.

The Ministry of Defence will be able to use unspent money in the last Budget to make up for upcoming spending cuts.

Ring-fenced departments, including the NHS, international aid and schools, will be unaffected.

However, departments including environment, energy, transport and justice will have to find a way to make savings.

The cuts come on top of the 3.0% spending reductions announced for the next two years in last year's Autumn Statement.

Wednesday March 20th

INTERIMS

Smiths Group

INTERIM EX-DIVIDEND DATE

Abcam, AdEPT Telecom, Berkeley Group Holdings (The), Brooks Macdonald Group, Close Brothers Group, Downing Absolute Income VCT 1, Downing Absolute Income VCT 1 'C' Shares , Dunelm Group, Foresight Solar VCT, Galliford Try, Go-Ahead Group, Haynes Publishing Group, IndigoVision Group, London Finance & Investment Group, NWF Group, Quayle Munro Holdings, Renewable Energy Generation Ltd., Waterman Group

QUARTERLY PAYMENT DATE

M Winkworth

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Payments (EU) (09:00)

Consumer Confidence Indicator (EU) (10:00)

Current Account (EU) (09:00)

FOMC Interest Rate (US) (16:15)

Producer Price Index (GER) (07:00)

GMS

Resolution Ltd.

FINALS

AFI Development, Charles Taylor, Dolphin Capital Investors Ltd, EG Solutions, Eurasian Natural Resources Corp., Greggs, IQE, Restore, UK Commercial Property Trust

ANNUAL REPORT

GlaxoSmithKline

SPECIAL EX-DIVIDEND PAYMENT DATE

Ferrexpo

AGMS

Safestore Holdings, Throgmorton Trust, Vietnam Property Fund Ltd.

TRADING ANNOUNCEMENTS

Dolphin Capital Investors Ltd

UK ECONOMIC ANNOUNCEMENTS

Claimant Count Rate (09:30)

Unemployment Rate (09:30)

FINAL EX-DIVIDEND DATE

Access Intelligence, Anglo American, Athelney Trust, Aviva, Dairy Farm International Holdings Ltd. (Singapore), Foresight 2 VCT, Foresight 2 VCT 'C' Shares, Heavitree Brewery, Heavitree Brewery 'A' Shares, Hongkong Land Holding Ltd. (Sing.Reg), InterContinental Hotels Group, International Personal Finance, Jardine Matheson Holdings Ltd (Singapore Reg), Ladbrokes, Lancashire Holdings, Law Debenture Corp., Low & Bonar, Maintel Holdings, Mandarin Oriental International (Singapore), Millennium & Copthorne Hotels, Moneysupermarket.com Group, SEGRO, Stadium Group