Darling's first Budget holds few surprises

Chancellor Alistair Darling gave his first full Budget speech yesterday.

Billed as a "green" Budget, but criticised as being too "Brown", Darling detailed fiscal plans that were already widely expected in the run up to the event.

Although the full detail has yet to be divulged, Darling did offer businesses something to hang on to today.

The biggest concession has been the delay of the planned 2p rise in fuel duty until October 2007, although he warned that it would rise by another 0.5p in real terms in 2010.

However, other issues, such as his controversial reforms to the Capital Gains Tax remained shrouded in mystery.

He promised simpler taxes for small companies and plans to overhaul legislation to prevent income shifting which has become tantamount to tax avoidance in the Inland Revenue's eyes have been delayed to 2009.

New rules for non-domiciles were also alluded to, with such families expected to pay "a reasonable charge" after seven years.

Darling also outlined more funding available for small firms and reductions in corporation tax.

He said that while the economy had grown 3% in 2007, he predicted slower growth for this year of between 1.75 and 2.25%, with borrowing lower than predicted in 2008 but increasing the following year to £43bn. However, he maintained that the plans were based on investing.

For more information visit the Budget website .

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