Welsh Liberal Democrat leader Kirsty Williams has welcomed the Chancellor's decision to raise the point at which people start paying tax to £10,000 from next year. She said:
The Welsh Liberal Democrats have today accomplished our number one manifesto pledge by raising the tax threshold all the way to £10,000. We are ensuring that 130,000 of the lowest paid workers in Wales will be lifted completely out of the income tax system while over a million people will receive a £700 tax cut. This is an historic achievement and one that will greatly help hard working families in Wales.
Welsh families, businesses and politicians have been counting the cost of today's Budget, as they look to balance their own books.
From Credit crunch to VAT, here is a quick glossary of some of the key terms you will hear in this year's Budget.