A nation that stands on ceremony has once again made it through another budget day. The Chancellor of the Exchequer, Alistair Darling, left Number 10 for the short drive to Parliament where he delivered the annual budget report message to a sceptical House of Commons.

The pregame festivities started with the usual snarkfest between the Prime Minister and leader of the Tories David Cameron over unemployment. All I could think during Mr. Cameron’s grilling was, “OK, so what’s your point.”

While this is not the Oxford or Cambridge debating society, the Tories have cemented themselves as the UK’s Party of No! and lived up to their billing following a line of questioning that seemed nothing more than a rowdy restatement of the obvious.

A sample sophomoric exchange:
PM: There are 29 million people in work, three million more than when Labour started, the Tories oppose every measure we have done to deal with it.
Cameron: You didn’t end boom and bust.
Chamber: hoots and hollers…
Mr. Speaker: please be quiet and let the Prime Minister speak!

General statistics:

• Economy is expected to shrink by 3.5% in 2009
• It will grow in 2010 by 1.25%
• By 3.5% in 2011
• Borrowings for 2009/10: expected to rise to £175 billion
• 2010/11 £173 billion
• 2011/12 £140 billion

The postgame analysis will continue well into the dinner hour. The budget highlights:

1. An extra £1.7 Billion for Job Centre Plus Network
2. Guaranteed jobs and training places for under 25s
3. Capital allowance rate for businesses doubled to 40% (pumps in an extra £50 billion this year).
4. Stamp duty ‘holiday’ extended for those buying homes under £175K until end of this year
5. Introduced a £2,000 car scrappage scheme for cars over 10 years of age, scrap it and get £2,000 for a new car purchase
6. ISA’s tax free limit raised to £10,200 up from £7,200 which is good news for retirement savers (this year for over 50s and next for everyone else.)
7. Restrict pension tax for pensions over £150,000
8. Introduced a new high earner tax rate of 50% for over £150k that goes into affect next April
9. Fuel duty will increase by 2p per litre in September
10. Alcohol and Tobacco duties up 2p per unit as of today