Chancellor George Osborne says "The sun is shining" and Britain is "Walking tall again" after five years of coalition Government.
But the Labour Leader Ed Miliband said Mr Osborne had "failed working families".
So just how is it going to affect us:
The amount that workers can earn before paying tax is to rise from £10,600 to £11,000 by 2016
Pensioners will be able to turn their retirement funds into a cash lump sum.
Petrol duty will be frozen and September's planned increase is to be scrapped - a "saving of £10 to fill your car" according to the Chancellor.
Beer duty is to be cut by a penny, cider and whisky by two per cent and wine duty will be frozen.
There will be a new personal savings allowance - the first £1,000 of interest on savings will be tax-free.
The Chancellor made much of his vision for creating a so-called "Northern Powerhouse" - his plan to make wholesale improvements to the economy, road and rail links in the North. In fact it got four mentions in his budget speech.
But with the General Election just 50 days away and the polls predicting a hung parliament are today's pledges anything more than hot air? David Hirst reports.
Rarely will we see a Chancellor so clearly enjoying a Budget. George Osborne seemed to take pleasure in knocking down his opponents' claims.
The Budget isn't just about public finances - it’s about our personal finances too. Here's a quick guide to what we can expect.
Having set expectations so high (or low, depending on your political views) George Osborne has the opportunity to ease back on austerity.