London, March 22:

British finance minister Gordon Brown was set today to announce his tenth and possibly last annual budget, with mounting speculation that he could soon succeed Tony Blair as prime minister.

Brown — Britain’s longest serving chancellor of the exchequer — will deliver his tax and spending plans for the financial year ahead to parliament at 1230 GMT. The chancellor was unlikely to announce any major shifts in policy but would probably set out his stall as ‘prime minister-in-waiting’, The Financial Times daily newspaper reported today.

Lawmakers will closely examine Brown’s statement for any clues that he expects to have replaced Blair by the time of next year’s annual budget. However, Britain’s home secretary Charles Cla-rke was reported yesterday at a Westminster lunch that he expected Blair to remain in office until 2008 summer.

“Wednesday’s annual Budget could be Brown’s last,” Standard Chartered economist Gavin Redknap said. Brown has been chancellor since Labour swept to power in 1997 and is seen as the front-runner to lead the British government when Blair steps down.

Blair, who was re-elected prime minister in May last year, has promised to retire before the next general election, which is expected in three or four years’ time. But, with accusations that Labo-ur has given honours in return for millions of pounds in loans, and Blair struggling to win widespread support for his public-sector reforms.