The verdict: disappointment

The hope of an honest and decent budget has gone. I feel disappointed. There were some piecemeal initiatives, which will get some headlines but will achieve very little. The 50% rise in the top rate of tax will raise very little a year, and is just an extension of the dividing line established in the pre-budget report. The Tories should say nothing, but repeal it at the first possible opportunity.

There were no significant ways mentioned on how to bring the budget back to balance. The Chancellor is hoping that by returning to growth in 2011 (at an unbelievable rate of 3.5%) he will start to pay off the debt. Well, it's not good enough, that sort of strategy got us into this mess in the first place. He's bearing his head in the sand whilst crossing every appendage he's got. Over-optimism is this Chancellor's Achilles heel, and he's stumbling around on it again.

This was a major disappointed, debt is going to get even further out of control. All Labour chancellors run out of money, and this one has just been added to the list.

Squiffy.