The campaign, through Delaney Lund Knox Warren & Partners, will use media including press, posters, radio and a fleet of ad vans, which will drive throughout the City of London.
The purpose of the push is to raise awareness of the budget announcement and the FT's expertise on the subject.
Print work features a caricature of Gordon Brown, inspired by a drawing by the FT illustrator James Ferguson, holding the red budget briefcase with a hole in it and the strapline: "There's a hole in your budget dear Gordon, dear Gordon."
The radio spot alters the lyrics of the nursery rhyme and uses Jon Culshaw, an impersonator from the BBC show Dead Ringers, to impersonate Brown and Blair. The duo agonises, in song, over how to repair the hole in the budget.
Explaining the media strategy, Angus Bannerman, a senior planner and buyer at BJK&E Media - which handled the campaign - said: "Posters will run on overground train lines to target London-bound commuters coming from up to an hour away to work. That will hit a morning and evening audience. During the day, we will have a fleet of ad vans for City coverage. Often FT campaigns are very specific, but the Budget is applicable to a much wider audience."
The campaign was written by Keith Bickel and art directed by Carlos Anuncibay.
Separately, FT is planning a reported £3 million adspend in promoting an upcoming relaunch. Changes include the revival of a Saturday magazine, the Weekend FT, the expansion of the UK national news pages and the introduction of daily sports pages. ABC figures for January put the FT's sales at 431,875, down 8.81 per cent on the previous year.