Budget Bonanza

The nation's fingers are poised on their purse strings as the details of Chancellor George Osbourne's latest budget become clear.

This budget is the third in the three years that the coalition government have been in power.

Osbourne outlined the aim of the proposals:"This budget rewards work. This budget unashamedly backs business.

"It's on the side of aspiration, of those who want to do better for themselves and their families. This is how Britain will earn its place in the world, with wide- reaching tax reform.

"A tax for the lowest paid are kept out of tax altogether, and the tax of the wealthiest increase".

The most prominent revelation is the dropping of 5p on income tax by 2013, meaning that it is down to 45p.

Income tax personal allowance is also to be increased to £9,205 by April 2013.

Smokers will have to dig deeper, with an increase of 5% on cigarettes, which means that the price for a pack of 20 cigarettes will go up by 37p.

Permission has also been granted for oil industries to capitalize on North Sea oil fields near Shetland.

He also pledged an extra £100,000 to the accommodation of our armed forces, and council tax relief for those fighting abroad.

Tax credit is also to be given to the video game, animation, and TV production industries of Britain, in a similar vain to the current tax credits given to the film industry.

Osbourne said: “It is the determined responsibility of this government that we keep Wallace and Gromit exactly where we are.”

Thank god.

Ed Miliband, leader of the shadow cabinet said:"Today marks the end of "We are all in this together. Because after today's budget millions will be paying more while millionaires pay less.

"They promise change but things have gotten worse, not better.He promised growth of 3.5% by 2012. He comes to the house and tells us it will only be 0.8%. The reality is his plan has failed. Same old budget. Same old Tories."

Miliband went on to ask the Conservative leaders to either "nod or shake your heads" if they, personally, would benefit from the budget and went on to suggest that now Prime minister Cameron could finally "buy his own horse", a clear jab at the prime minister's previous scandals involving retired metropolitan police horses.

Proof positive.

It wasn't just the opposition who had something to say about the budget, as we found out on the streets of Aberdeen.

Dave Campbell, a student, said:" It's all a bit too little too late to be honest. I probably won't get a job when I graduate."

Social worker Katherine Reynolds said:" I see lots of people out of work and I'm not sure even 1000 more jobs here would make a difference."

Douglas Soutar, retired, said:" There are jobs out there, but people just don't want them. That's why everything is so bad."