The Finance Secretary for Scotland, John Swinney, has given his post-budget reaction:
“The Chancellor has downgraded every economic growth forecast he has made and as a consequence of his policies public sector debt is rising. Today the Chancellor should have offered a decisive injection of new capital to fuel economic recovery.
"He has however cut the hard cash the Scottish Government has available to spend and applied a “straight-jacket” of loan and equity facilities over which the Scottish Government will have no discretion and which will have to be repaid at a later date.
"Decisive action to stimulate economic growth is needed now."
Steven Bruck, a partner at Blick Rothenberg Chartered Accountants, takes a look at the winners and losers of this year's Budget.
Osborne surprisingly had a fair amount of leeway in his Budget. But we have to set all this in the context of a very gloomy overall picture.