UK Chancellor of the Exchequer Alistair Darling today defended the government’s decision to rescue the financial sector but made it clear the banking industry and the wealthy will bear the brunt in the government's last Budget before an upcoming General Election.

Darling told the House of Commons that at the heart of today's Budget lay a £2.5bn (€2.7bn) growth package to boost small business, promote innovation and invest in national infrastructure and key skills. The sum will be funded both by reallocating resources from elsewhere and the proceeds of the tax on bank bonuses, which garnered £2bn rather than the £500m expected.