George Osborne will promise action now to ensure that the country does not "pay later" as he uses his Budget to deliver a grim warning about the global economy.
The Chancellor is expected to say that although the UK's economy is "strong", the "storm clouds are gathering again".
Concerns about economic uncertainty will cast their shadow over Mr Osborne's eighth Budget, with the Chancellor planning to impose a further £4 billion of spending cuts to allow him to meet his fiscal target of getting the nation's finances into surplus by the next election.
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He is expected to unveil "a Budget where we act now so we don't pay later" in order to meet the "new challenge" facing the country.