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WHAT ARE YOU EXPECTING FROM THE PRE-BUDGET REPORT?

<strong>MICHAEL SAUNDERS CITIGROUP<br /></strong>This would be a good time to detail a phased fiscal consolidation for the next few years. However we do not expect this to happen in the PBR. Fiscal policy in the PBR will aim to reinforce Labour&rsquo;s pre-election political strategy, rather than to re-establish fiscal sustainability.<br /><strong><br />SIMON HAYES BARCLAYS CAPITAL<br /></strong>The report provides the government with the opportunity to set out a more compelling road map to fiscal sustainability. But any measures that raise significant amounts of funds are likely to be highly politically sensitive so we are doubtful that significant specific measures will be announced.<br /><strong><br />JONATHAN LOYNES CAPITAL ECONOMICS<br /></strong>We would not be at all surprised if there is rather more in the PBR than has been suggested. What&rsquo;s more, the last few fiscal set-pieces have unveiled pretty substantial packages, with PBRs often containing bigger measures than Budgets. A neutral package would hardly smack of decisive leadership.