A powerful committee of MPs has hit out at the chancellor's Budget, criticising tax increases and raising doubts about Gordon Brown's growth predictions.

The Commons Treasury affairs select committee expressed concern that Brown's economic growth assessment may be "based on over-optimistic projections".

"Whether the Treasury's growth forecasts are achievable remains to be seen, and we note the view that they are perhaps optimistic given the considerable uncertainties facing the global economy," said the MPs.

Although the committee has an in-built Labour majority, four Labour MPs failed to show up in order to register their vote on its conclusions, leaving Conservative and Lib Dem MPs with the whip hand.

The Express today reports that the reduction in capital gains tax will result in a £200,000 "bonus" for senior accountants at PriceWaterhouse Coopers, when the consultancy arm of the company is floated on the stock exchange.