Chancellor John Healey is on all of the front pages. Both the Financial Times and the Times describe his Budget as "modest" , external . A senior government figure told the FT the Budget was "not radical, but we don't think the markets would have worn something bigger". Similarly, the Guardian says Healey delivered "a low key speech , external designed with febrile bond markets in mind".

There's a harsher verdict in the Daily Mail . It says the Budget was "a snoozer" , external . In an editorial the paper says that instead of being a blueprint for national renewal the Budget was a holding statement, putting off every major decision facing the country.

The Daily Telegraph , external and the Sun say Healey has raised taxes on banks, savers, and landlords, while failing to tackle Britain's ballooning welfare bill. "All the chancellor had to offer was the sound of the cans being kicked down the road," is the Sun's verdict.…