It was never going to be third time lucky for Alistair Darling, in what many commentators believe will be his final budget regardless of the election results!

There have been some question marks over the need for this budget so close to a general election and naturally the slogan “political budget” have grabbed the headlines.

So what have we learned. Not a lot really. Much of the budget reiterated previous announcements yet to take effect such as the planned increase in National Insurance. Of course, there is a chance some of these proposals may be overturned if there is a change in the government, but unlikely if it will raise additional funds to finance the government debt.

Technical partner of STS, Unies Mirza commented “The debt mountain is still very much alive and no party has been forthcoming in giving hard facts on how the taxpayer will ultimately pay for it to be reduced. For graduates, the next few years will be tough, not only because of a tough job market, but with the prospect with further possible rises in income tax, national insurance and VAT.”

There has been a lot said of spending cuts and proposed efficiency across the public sector, nonetheless an extra £270m has been pledged to create an extra 20,000 university places.

Overall, the budget itself was fairly neutral for most students.

Tax free personal allowances remain frozen at £6,475, as does the threshold of the basic rate tax band of 20% which stays at £37,400. This is effectively reduced once inflation is factored in.

The new rate of tax of a whopping 50% takes effect from 6 April 2010. As stated in our last budget report, this is unlikely to affect any students since it only applies once a taxpayer’s income exceeds £150,000 per year.

The other announcements in brief are as follows;

The UK economy has shrunk by about 6% over the recession.

Growth forecast for 2011 revised down to between 3% and 3.5%. Predicted growth of 1-1.25% in 2010 in line with forecasts.

Doubling of stamp duty allowance, from £125,000 to £250,000, funded by 5% stamp duty for properties worth more than £1m. This is directly aimed at encouraging first time buyers onto the property ladder.

A £35m university enterprise capital fund to support university innovation and spin-off companies.

No one under 24 will need to be unemployed for longer than six months before being offered work or training for next two years.

The inheritance tax threshold remains frozen for next four years

No further announcements on VAT, National Insurance and Income Tax.

Petrol prices increases are to be staged. Fuel duty to rise by a penny in April followed by a further 1p rise in October and the remainder in January

Finally, tobacco duty will rise immediately by 1% above inflation this year, then 2%. Duty on cider will increase by 10% above inflation. Duty on beer, wine and spirits will also increase.