Yet despite this backdrop - and a faltering start to his speech - Mr Osborne stepped into combative form as he claimed that the Budget would promote an “aspiration nation”.
There were various measures to support working parents (with childcare) and boost the housing market, while a cut in beer duty will add some cheer in pubs across the land tonight.
From an investment perspective, much had already been announced in the autumn statement, including the raid on annual and lifetime pension allowances (which did not promote an Aspiration Nation) and a small rise in the Isa limit.
One of the key themes of the Budget was support for small and medium-sized enterprises as the government seeks to demonstrate it has a plan to encourage growth. Measures included a reduction in the main rate of corporation tax by 1 per cent in April 2015 and from April 2014 a new £2000 relief, the Employment Allowance, on national insurance bills for businesses.
Specific measures to promote funding for small businesses confronted by a dearth of banking lending included the extension for some of the first-year benefits of the recently launched Seed EIS scheme, which is targeted at start-up companies.
In the 2012/13 tax year, investors with a CGT liability have been able to extinguish it by investing the gain into Seed EIS companies. The government has announced than those making gains in 2013/14 can receive a 50 per cent relief on capital gains tax when investing the gain into Seed EIS during 2013/14 or 2014/15.
Building on the recent confirmation that the government intends to allow companies traded on AIM and other European Economic Area growth markets to be eligible for inclusion in Stocks and Shares Isas, the chancellor also announced that stamp duty will be abolished for trading in these shares.
This will further provide cheer to those more experienced investors, representing around 16 per cent of assets held in stocks and shares Isas, who prefer to invest in individual securities rather than funds.
Of broader appeal to the average investor is a commitment to consult on options to allow Child Trust Funds to be transferred into Junior Isas. This would be a positive move, allowing access to greater choice of investment and more competitive charges.
