The Welsh Local Government Association says the Budget means there are tough times ahead for local communities, with reduced public services and welfare cuts.
The outlook is bleak given that public spending on day to day activity will continue to reduce over the coming years. Reductions to the Welsh Block were already set out in the Chancellor's autumn statement. Local public services in a number of areas including education and early intervention, roads and transport, planning, and housing are proven activities that influence economic growth in a positive way.
Many people will face further reductions in living standards in the coming years. Changes to the welfare system will mean that some of the most vulnerable people in our communities are going to be left high and dry at a time when local public services will be squeezed as never before. This Budget is a missed opportunity but along with colleagues from across Wales, councils will step up to the plate and support growth and services in our local areas.
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.