The Free Enterprise Group of Conservative MPs will give a presentation at the Institute of Economic Affairs at 9:30 this morning in which they will call on George Osborne to cut business taxes, notably capital gains tax for long term investors. Priti Patel writes for us that the Chancellor needs to "wake up" to the fact that high tax rates are strangling growth. Pressure is also mounting from elsewhere – Lord Forsyth, Nick de Bois, and Mark Field all criticised the current economic strategy at the weekend, Andrew Mitchell predicted that the Budget would bring internal dissent "to a head", while the National Union of Ministers now has two additional members in messrs Hammond and Cable. As the FT (£) notes, monetary policy is unlikely to ride to the rescue as the Bank of England's hands are tied by the inflation outlook. Every indication is that the Budget will plot a "steady as she goes" course. Every indication is that it will also leave some very unhappy backbenchers.
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