Budget: big splash, little cash

The 'granny tax' and the 45p top tax rate have dominated the debate following the Budget. But it's deflected attention away from more troubling news.

The budget has continued to make waves, with the granny tax' and the reduction in the top tax rate from 50% to 45% dominating the political debate. The fuss deflected attention from the bigger economic picture, which remains troubling.

The economy shrank by 0.3% rather than 0.2% last quarter, according to the second official estimate, although growth should be positive in the first three months of 2012.

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