Budget 2008

The media is portraying the Budget as dull as though that's a criticism. It's anything but: in a global economic climate that is stormy, we don't want flash and costly measures that could backfire. Stability was the watchword in this Budget: it's absolutely what's needed.

The one stand-out measure in the Budget was the one I called for back at the start of the New Year here: an increase in winter fuel payments for pensioners. Because of the huge rise in fuel prices, this measure was essential to ensure the well-being of our senior citizens this year. Over-60s will get £250 this Winter, up £50 and over-80s £400 - a £100 increase.

But let's be clear: it's not the government's job to meet these costs for the sake of it, and in the process help boost the bonuses our foreign-owned power companies reap. That's why this was a one-off Winter Fuel Payment increase. It gives the government and the Power Regulators a year to get to grips with some of the root causes of fuel poverty that I wrote about in January.