UK budget to deliver a little less austerity and a few giveaways

Societe Generale notes...

• The PSNBex deficit for 2014-15 fiscal year just ending should be revised down by £2.3bn to £89bn. 
  
  
• The following years should be lowered by about £3bn pa unless the Chancellor chooses to use some of the improvement to finance his giveaways. It will be appealing for Mr Osborne to say that the pace of spending cuts can be eased slightly because of the better than expected economic performance. 
  
  
• More recently, there have been stories that he plans to cut a further £12bn from the welfare budget.