City morning headlines: Budget 2015 - Osborne's pre-election presents

 
Plans: George Osborne presenting his budget last year (Picture: AP)

All eyes will be on George Osborne as he stands in the Commons to deliver his sixth budget, his last before the country goes to the polls.

The Chancellor has promised a budget with "no gimmicks" but it is expected to contain a few pre-election presents. Growth figures should also move higher and borrowing lower.

Unemployment data and Bank of England minutes

At 09:30am the Bank of England should give the Chancellor a pre-budget boost, with dovish minutes that are likely to give little hint of a rate rise.

At the same time unemployment figures will be released. Those are forecast to show the unemployment rate fell to 5.6% in the three months to January, the lowest since June 2008.

Annual wage growth is expected to hit 2.1%, four times higher than inflation.

Companies news highlights:

Zara-owner Inditex says its profits are up 5% to €2.5 billion.

Eurotunnel posts an 11% rise in 2014 operating profits to €334 million. It also says it has hit a target of €500 million EBITDA a year early and sets a new a goal of €535 million this year and €580 million in 2016.

Smiths Group says its profits are down 3% after a fall in airport detection kit, but says that is now stabilising.

Closed life fund Phoenix says embedded value is up £300 million to £2.6 billion.

Shaftesbury switches £130 million of debt from Nationwide to Aviva on longer and cheaper terms.

IMI appoints Commonwealth Games fixer Lord Smith of Kelvin as chairman.

AstraZeneca reports positive results from a help-to-breathe drug.

Professional services group Charles Taylor unveils a £30 million rights issue to fund takeovers.

SSE has been fined £100,000 for charging National Grid too much.

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