Alistair Darling has delivered his pre-budget report and it's bad news for bankers and public sector workers.
A pay freeze across the state sector and a 50% tax on City bonuses over £25,000 will make headlines, but will they help reduce Britain's budget deficit?
Economics editor Larry Elliott says he'd have liked the government to be bolder.
Political columnist Martin Kettle says dividing lines have been drawn between the parties and we can't rule out a March election.
And banking expert Jill Treanor says bankers are already working out ways round the supertax designed to eat into their bonuses.
Jon Dennis is in the heart of the City of London to gauge reaction.
· Guardian Daily returns as usual on Friday morning. The Business is back on Wednesday.
