Alistair Darling has defended his decision to delay announcing concessions on capital gains tax reforms, saying that he wanted to 'make the right decision'.

'I am very aware of the fact that people want to know where they stand…but I want to be very sure that we make the right decision…because once it is made it is made,' the chancellor told the FT.

On the impact of the credit crunch on bank profits and tax receipts, Darling said it was too early to tell whether tax revenues would miss the 'conservative' estimates made in the pre-Budget report.

Darling said spending would remain 'tight' but would not comment on whether the Treasury would have to revise borrowing forecasts as a result of the economic downturn.

Further reading:

Government airs CGT concessions

Darling postpones CGT reforms until New Year