Next Budget 'one to watch'

Contrary to some speculation, PwC has calculated that the Northern Ireland Executive will get an additional 12 million to spend how it sees fit. The balance - a further 21m – is earmarked largely for social security and similar payments.

Fergal McCann from PwC's Omagh office says that overall, the Budget will not have a significant impact on Northern Ireland.

"The centrepiece of this budget is a 2.5bn, UK-wide package for small and medium sized businesses, funded primarily by better than expected receipts from the one-off tax on bankers' bonuses.

"Northern Ireland's family-owned and owner-managed businesses will broadly welcome the Chancellors attempts to encourage the small firm's sector.

"There are a number of comparatively small measures intended to help small firms and other groups, but the real impact of the Budget on job-creation and economic recovery, will be modest."

In his 58 minute Budget speech - one of the shortest in the past 30 years - the Chancellor said he was concentrating on securing the economy, encouraging investment and helping the unemployed back to work.

Announcing that the budget deficit was now expected to be 167bn this year rather than the 178bn forecast, he pledged to use some of his fiscal slack t