With three million out of work, inflation still in double figures and manufacturing output less than it was during the three-day week, the government's economic strategy is under attack from its own back benches. Can Sir Geoffrey Howe's fourth Budget appease the 'wets' without fuelling inflation? Can he lay the foundations for a Conservative victory at the next General Election? The key passages of today's Budget statement will be carried live in the programme.
David Dimbleby introduces the programme, with expert comment and analysis from Peter Oppenheimer - economist, Philip Hardman - accountant, David Basnett - Chairman of the TUC's Economic Committee, and Sir Terence Meaney - Chief Executive of Thomas Tilling.
From Westminster, Sir Robin Day assesses the political implications of the Chancellor's measures with Denis Healey for Labour, David Steel for the Liberal/Social Democrat Alliance, Sir Ian Gilmour for the Tory sceptics, and Leon Brittan, Chief Secretary to the Treasury for the Government.
From the West Midlands, Nicholas Woolley reports on one factory and on the reaction of the unemployed to the Budget.
From the Stock Exchange in the City of London, Paul Barry reports on the reaction from the financial world, including Dr Paul Neild chief economist with stockbrokers Phillips & Drew.
From a pub in West London, Bill Kerr Elliott reports on reactions from the traditional victims on Budget Day - drinkers, smokers and drivers.
Research: Institute for Fiscal Studies