It’s tempting to suggest that, had Alistair Darling stood at the dispatch box when recently delivering the Pre-Budget Report and announced that that he had managed to clear the global deficit, voices of dissent would still have made themselves heard, both inside and outside the House of Commons.

Image: Has the Chancellor pulled a rabbit from the hat, or is he pulling the wool over the public’s eyes?

So, by increasing National Insurance by 0.5p from 2011 for those on £20,000 or more – dubbed an ‘extra tax on jobs’ by the CBI – and implementing further restrictions to pension relief for higher earners, the Chancellor ensured reaction was, shall we say, mixed.

Mr. Darling built his address around the notion of fairness and coaxing the economy out of recession, rather then stunting impending growth. He told the Commons: “Those on modest incomes are protected. Those on middle incomes will pay more depending on their earnings. The biggest burden will fall on those with the biggest shoulders.”

The one off levy of 50 per cent on any bank bonuses of £25,000 or more has made headlines as it was designed to do, but seems to have done little to appease a general public that is already hearing of multi-million pound figures being given to bankers on top of their salaries, all while the UK remains in recession.

There was some talk of hitting any bonus over £10,000 with this one-off tax, although this didn’t come to fruition, as was the case with the windfall tax that the banks had feared, a decision which will no doubt rankle amongst rank and file workers who count themselves fortunate to still be employed.

But enough about me. Other key points included a pledge to help young unemployed people back into work, tax rebates for wind farms and electric cars and a household boiler scheme, which will look to pick off where the car scrappage scheme left off. Also noteworthy was Mr. Darling’s decision not to extend the Stamp Duty holiday, a move that many housing bodies had called for in the weeks leading up to the announcement.

It remains to be seen if this inaction will slow the apparent upturn in the sector; an accusation the Chancellor will be loath to attract following his assertion that his announcements were designed to aid any recovery, not wreck it.

The decision to freeze the individual Inheritance Tax allowance at £325,000 for the next year has also been condemned, with accusations that the lower limit has not moved in line with soaring property values over the past decade.

And what of pensions? Well, the Chancellor will surely point to the 2.5 per cent increase – or a four per cent real-term increase if you prefer – in the state pension which will come into effect with the new tax year. However, his decision to extend the limitation on higher rate tax relief has come under intense scrutiny and criticism, as has the announcement that personal accounts will be phased in as part of cutbacks that have been designed to save £5 billion.

No shortage of criticism then, not least from the Conservative Party, which accused Labour of failing to take tough decisions and delivering a Pre-Election Report. In the face of such national debt, similar sentiment is likely to be replicated when the Budget is unveiled in April. However, George Osborne may not have to wait too much longer to get the chance to prove he can do better in reversing the fortunes of public finances.

Let us know how the changes detailed in the Pre-Budget Report will affect you.

James Henderson, Online Reporter, Moneyfacts Group