In Britain, the Chancellor of the Exchequer Rachel Reeves is set to deliver her budget, with tax increases and spending cuts set to be announced.
Against the backdrop of a sluggish economy and high borrowing costs, Ms Reeves will try to close a spending gap estimated at around £20 billion (€22.77 billion).
Tough decisions will now have to be made after a series of U-turns on proposed spending cuts during the year.
The Chancellor of the Exchequer has said that she wants to cut the cost of living, NHS waiting lists and also the national debt.
A tax on sugary drinks and a tax on tourism are among measures already announced, but there are also reports that Ms Reeves will tax high-value homes.
However, there have also been changes to appease some voters and Labour MPs, such as an increase in the minimum wage.
Ms Reeves will deliver her budget statement in the House of Commons this afternoon.
