Jeremy Hunt bounced around to deliver his budget, proudly declaring his commitment to cutting taxes and supporting working families.
A further 2p was deducted from National Insurance and the threshold at which child benefit is abolished was increased from £50,000 to £60,000.
But you don’t have to be a financial expert to know that the Chancellor’s version of events isn’t quite the whole story.
Because Mr. Hunt is also presiding over a long-term stealth tax freeze on thresholds that is costing workers dearly, and his child benefit measure has merely set aside sky-high marginal tax rates, rather than abolishing them altogether.
Nevertheless, a tax cut and an extra £5,000 ISA allowance – even if it is a somewhat dubious, limited one – is not to be sniffed at.
So was this a breakout budget that puts Britain back on the path to growth?
Or was it too little, too late, from a Tory party that has had successive chancellors who would rather raise our taxes by hook or by crook than lower them – or even keep the thresholds in line with inflation.
In this week’s Budget special This is Money podcast, Georgie Frost, Lee Boyce and Simon Lambert look at the winners and losers and search for the devils in detail.
What is the NI discount worth to you? Will you receive child benefit back? Do retirees also deserve a tax cut? What does the Chancellor have against small investors now that he has failed to roll back capital gains and dividend tax?
And will the British Isa be any good?
All that and more – plus a look at why Nationwide is buying Virgin Money and whether it’s good or bad for us all.