Analysis: The UK budget, just like the Irish one, is a showpiece where what are really quite minor changes are made with the maximum of fuss.

For the average family, the equivalent might be for the head of the house to call a family meeting where they would decide to change the car six months early or, perhaps, to go out to dinner more often.

The timing is a throwback to earlier times - it reflects the fact that the UK Income Tax year starts on April 6th - whereas most other EU countries have their budget in the autumn, and start the year with a clean sheet.

Irish businesses and investors in the UK, of which there are many nowadays, have to be au fait with both systems and the complications that can arise.

As Chancellor Brown keeps reminding us, the UK is going through the most sustained period of economic expansion since the Industrial Revolution. It is somewhat surprising, therefore, to note that its overall fiscal health is not as good as it might be.

Aggregate UK taxes, while well below the euro norm, are considerably higher than in the Republic, and so is spending, but the deficit and debt ratios are less favourable.

Mr Brown has been running a deficit just a whisker below the EU 3 per cent limit. He can get away with this because the debt ratio is around 40 per cent, lower than in all others except Ireland and Luxembourg.

He was, however, at the limit - another factor prompting prudence and the overall marginally restrictive stance that he took. He is also seeking to cut 50,000 public sector jobs, but it remains to be seen if he will have more success than Charlie McCreevy did with the 5,000 target he announced some years back.

It is not long since the UK tax and social welfare systems were the envy of people south of the border. How things have changed.

Yesterday's Budget made only relatively minor adjustments to bands and allowances designed to inflation-proof them (the UK does this every year, a practice we could well copy) with extra money going into child credits.

Irish effective income tax rates remain slightly below UK levels over most income ranges while many UK non-pension welfare rates are well below corresponding Irish levels - hence the influx of new-age travellers some years ago.

In a reference to medical charges, which the current Irish Minister will not appreciate, the Chancellor said that thousands of pensioners and hospital patients are effectively charged a payment, with for many, cash deducted from their weekly pension and benefits to pay for their stay. These were abolished "permanently".

The "old reliables", often the high point of a budget, were left relatively unscathed with some escaping altogether and others merely indexed to inflation. Beer was increased by 1p a pint, wine by 4p a bottle, diesel by 1.22p a litre and 20 cigarettes by 7p (10 cent).

A pint of beer will continue to be about 30 cent more expensive in the South while the average bottle of plonk will be roughly one euro dearer - two thirds of the differential reflects our higher excises.

Petrol, diesel and cigarettes, on the other hand, will remain significantly more expensive north of the border, continuing to drive demand southwards. Many of the pre-Budget leaks related to stamp duties. The threshold on residential property was doubled from £60,000 to £120,000.

This means that property and land purchases up to the €170,000 equivalent, are now free of duty. Above that, the rates are 1 per cent to €357,000, 3 per cent between that and €714,000 and 4 per cent on purchases above that.

A €750,000 deal, no longer that uncommon, would attract stamp duty of €30,000 in the UK but €67,500 in Ireland, clearly a situation that needs looking at but not until the housing market slows. Stamp duty on shares purchases remains at 0.5 per cent, half the Irish level.

Irish purchasers of commercial UK property will be aware that a few thousand "disadvantaged" areas, including some fairly large towns and city centres, were exempt from stamp duty altogether. This has been discontinued.

Pat McArdle, chief economist, Ulster Bank, is a council member of the Foundation for Fiscal Studies. The views expressed are personal.