A Budget of small sums

Discussing chancellor Alistair Darling's first budget, Chris Giles, FT economics editor, says it is the tail of tax revenues which have been wagging the dog. With £7bn less in tax revenues, he says the public finances are tight and could get worse. He tells Richard Edgar of FT.com it is a Budget of small sums, with its most eye-catching measure the steep rise in alcohol duties. He warns that the chancellor could be on the edge of a serious problem on public finances.