Overall, a lot of experts agree that the budget is a bit of a letdown. In fact, Shadow Chancellor George Osborne called it "an empty Budget from a tired Labour Government."

Chancellor Alastair Darling confirmed that 2009 was the worst year for the UK economy  since 1921 and that 6.2 per cent of the GDP was lost in terms of output. He expects that the economy will not recover to pre-recessionary levels in less than two years. He expects to see a contraction of five percent in 2009 against an earlier figure in the 3.25 percent to 3.75 percent range. Surprisingly, despite the loss of output, unemployment has not risen, possibly because of wage restraints.

In the course of his speech, he said "Mr Deputy Speaker, low mortgage rates have reduced costs for homeowners. But many families still face fears over repossession. The Support for Mortgage Interest scheme, which I enhanced during the recession, is already helping 220,000 homeowners who lost their jobs. To maintain this help during the recovery, I will continue to pay this support at the higher rate for another six months.

I am also determined to do more to help families take that crucial first step on the housing ladder. We have introduced new help through shared equity schemes."

He went on to add "The housing market has now stabilised and has begun a slow recovery. But many first-time buyers, particularly those without large deposits, still find it hard to get a mortgage.I want to help them, but do so in a way that is properly funded. I can announce I will double the stamp duty limit for first time buyers from midnight tonight – from £125,000 to £250,000, for this year and next. This means 9 in 10 first time buyers will pay no stamp duty at all.To ensure this measure does not burden the public finances, this relief will be funded through an increase in the stamp duty to 5 per cent for residential property over £1m, from April next year."

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