Chancellor George Osborne said on Wednesday he would deliver his 2012 annual budget on March 21.

The budget will be on the 21st of March, Osborne told MPs.

The economy is teetering on the edge of contraction, damaged by the euro zone crisis, rising unemployment and strained credit conditions, leaving Osborne's plan to tackle a record budget deficit in jeopardy.

(Reporting by Matt Falloon)