Tony Medcalf, tax partner at Preston-based Moore and Smalley Chartered Accountants, provided instant analysis to the Budget highlights as they were announced on Wednesday.

12.30pm: Chancellor Alistair Darling stands up to present his first Budget

12.33: This is a responsible budget, better-placed to withstand a global economic slowdown.

12.35: We are the most stable economy in the G7, with lower unemployment than Germany, France and Italy.

Tony Medcalf analysis: The Chancellor reinforces the government's drive to encourage innovation and high technology manufacturing by building on the measures introduced over the last 10 years.

12.37: Growth expectations have been reduced for 2008 to 1.75% from 2.25% and 2.5% down from 2.75% in 2009.

12.38: Inflation will increase over the near term, but return to 2% expectation by 2009.

Tony Medcalf analysis: Mr Darling has a dig at the Tories by saying he is not willing to gamble £10bn to give away to tax cuts.

12.41: The planned 2p increase in fuel duty for April is postponed until October.

Tony Medcalf analysis: The Chancellor has fought shy of £5 a gallon headlines.

12.43: The borrowing forecast is £43bn for 2008/09.

12.45: Half-a-pence increase in fuel duty in 2010.

12.47: £900m on new military equipment for troops on the frontline.

12.49: Those on long-term capacity will be encouraged to return to work by April 2010.

12.52: Since 1997, 600,000 fewer children are in poverty.

12.53: Child benefit will be increased to £20 a week for the first child in 2009 (this has been brought forward), which will lift 150,000 more children out of poverty.

12.55: Lower tariffs for pre-pay power meters.

Tony Medcalf analysis: Well-targeted measures to reduce child poverty and also moves to assist pensioners with spiralling energy costs.

12.56: The child element of child tax credit will increase by £50 a year.

12.58: Chancellor confirms changes to capital gains tax with the introduction of entrepreneurial relief.

1pm: Chancellor will increase tax relief for investment in small businesses and there will be better access to government contracts for small firms.

1.01: He is introducing a £30,000 change for people from overseas working in the UK.

1.03: He has targeted investment in under-performing schools with the emphasis on science.

Tony Medcalf analysis: The Chancellor is building on the idea that we are world leaders in innovation and therefore he is providing more funds and access to schools for the development of science.

1.05: The Chancellor is introducing new measures at airports to speed up immigration procedures.

Tony Medcalf analysis: The Chancellor has hardly put anything in financial terms into anything he has announced so far.

1.07: New funding to develop technology for road pricing.

Tony Medcalf analysis: Road pricing is coming!

1.08: No stamp duty on shared ownership homes until 80% equity owned.

1.09:: He wants more home-owners to have access to long-term fixed-rate mortgages and will consult over the coming months.

Tony Medcalf analysis: He is trying to stabilise the housing market and reduce the impact of interest rates on the prices.

1.11: The Chancellor has revised the target to cut carbon emissions by 80% by 2050.

Tony Medcalf analysis: He says he is introducing a carbon budget alongside the main budget as from next March.

1.14: Legislation to introduce charges on plastic bags to come in if supermarkets don't regulate themselves.

Tony Medcalf analysis: The tax on plastic bags has gone down very well in Ireland previously - we shall see if that is the case here!

1.15: £26m to fund a drive to help home owners to cut their carbon emissions.

1.17: New showroom tax based on car emissions from April 2010.

1.18: Duty on tobacco will rise 11p for pack of 20 cigarettes and 4p for five cigars.

1.19: Beer will rise by 4p a pint and cider by 3p a litre. Wine is up 14p a bottle and spirits up 55p a bottle.

Tony Medcalf analysis: Those increases are 6% above inflation and 2% inflation for the next four years. It's a political statement and a good way of making more money.

1.21: Winter fuel payments up to £250 for pensioners (£200 at the moment) and £400 for those over 80.

Tony Medcalf analysis: That's the ticket for the pensioners.

1.25: The Chancellor sits down.

Tony's overall summary of Alistair Darling's first budget:

"In a fairly neutral budget, the tax rises were targeted on the booze guzzlers and gas-guzzling cars.

The main aims have been to cut child poverty by increasing child tax credit and child allowance and to provide greater winter fuel payments for pensioners. He has given something to the young and the old. It was a steady performance from AD but he did not have much room for manoeuvre. Everything that's good, they take credit for; however, when it's not it's world global markets!

The expected changes to capital gains tax are introduced, with concessions for small business in the form of entrepreneurial relief. Also, the income shifting rules will increase the tax burden for small family businesses, however, in conclusion, these rules have been deferred until April 2009.

A very strong message on 'green' measures with a new carbon budget next year, paving the way for more 'green' taxes.

In reply, David Cameron said the Chancellor was not telling us how bad it really is, but that there's not much he can attack them with."

>> Drinkers hit hard by Budget rises

>> Budget for the young and the old

>> Budget gives mixed messages to businesses

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