Budget 2008

In essence, Darling's budget was the placating dummy to an economy on the verge of a tantrum

Beneath the mountains of paper behind the Budget speech (270 pages of Budget notes and the 212 pages of the Budget Red Book) was clear evidence that he had been listening to the strong representations being made by individuals, business and the tax profession.

Income shifting is being deferred by a year to allow time to consult on the proposals. The residence and domicile rules have been significantly improved. Even the capital gains tax changes are looking manageable for some. Overall Darling has dug himself out of some of the holes he created with his Pre-Budget Report announcements but there is still a lot to ponder in this Budget.