Well it might as well have been a budget because it contained budget type announcements.
Like it or not a statement predicated on there being no recession in Europe is brave or foolhardy. A 0.7% growth in the economy next year is perilously close to a double dip recession and I suggest it is more than likely as the truth about recession in Europe becomes clear.
This statement looks very like a backtrack from the debt reduction promises made only in the last budget this year. The chancellor has only offered mild anaesthesia to deep and painful surgery.