It is fascinating that Alistair Darling has walked a clever political tightrope: the Budget appears to offer extra lending to businesses – particularly small businesses that would benefit Birmingham – but only through pushing the banks (RBS and Lloyd’s) that the Treasury has a large shareholding in, not through a big increase in public sector investment. The commitment to a green investment bank is potentially helpful to the economy long-term but this is only through a promise of money being unlocked through a relatively small outlay of public money. On the fiscal side there is nod to more radical ‘soak the rich’ policies – but not too much – by increasing the threshold on stamp duty for first time buyers paid for by an increase in duty on properties valued at more than £1million. Similarly, in a reversal of the ill-fated policy of trying to out bid the Conservatives on inheritance tax in the Autumn of 2007, he has frozen the inheritance tax threshold to help pay for caring for the elderly. This opens up some ideological water between the parties – one of the few battle lines of the upcoming election – but not so much as to frighten either the financial markets or middle England.