Published by Mark Smith-HalvorsenForeign exchange traders are awaiting the delivery of Alistair Darling's pre-election budget this morning (March 24th), with many hoping for stern resolutions to reduce the deficit.However, there is also recognition that the heavier cuts necessary are likely to be made by the victors at the next election.The budget deficit is currently running at 12.4 per cent, a level comparable to Greece's debt burden, and will be a defining election issue.Writing for the Telegraph, City editor Richard Fletcher declared that Mr Darling must take this opportunity to own up to past failures and resist papering over the cracks with a rosy reinvestment of the £1.5 billion windfall created by the 50 per cent bankers' bonus tax.This indeed, should be recognised as a failure in itself, Mr Fletcher wrote, as the purpose of the tax was to alter bonus culture in the City, not generate revenues."The reality is that the bonus tax has failed. It failed to change behaviour and in the process irrecoverably damaged London's reputation as one of the world's financial capitals," he concluded.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site