The coalition budget...

There has been a lot said about this emergency budget, suggestions that it has been over-egged to blunt whatever nasty medicine George Osborne may be about to pour down our throats now seem unlikely, the truth is that in order to slash Britains £155bn deficit it has to be as tough as they promised it would.

The most controversial measure is likely to be a shake-up of the public sector pension pot, requiring more cash input from the recipient. This will initiate strikes. Hard on the heels of the pension review will be welfare cuts and almost certainly an end to child tax credits for the middle classes. We'll probably see an increase in VAT and capital gains tax, and holiday flights may attract a levy. On the flip side the income tax allowance will be raised from £6.475 to £7,475 taking a million people out of the income tax threshold and there will be a two year freeze on council tax.

I for one am stocking up on cling peaches in the Anderson shelter...