Investment house economists have been left unimpressed by Brown's budget and are continuing to watch the news on Iraq to determine future changes in the world's stockmarkets.
Pundits believe the budget will have little impact on share prices as all significant changes were flagged up in the pre budget review or leaked.
Framlington head of equity income, monthly income and high-income funds George Luckraft predicts the Chancellor's 'luck is about to run out'. He says: "Gordon Brown is not a very good mathematician. He's just tinkered around the edges with flashy things like the child trust fund, which is going to be amazingly expensive.
Luckraft has slammed the Chancellor's 'overoptimistic' figures for growth for 2003 revised to 2-2.5 per cent from 2.5 to 3 per cent. He believes the rise and fall of the FTSE is being largely determined by the changing situation in Iraq not by the Chancellor.
Luckraft says: "The markets might rally further when there is an ultimate solution in Iraq. There will be a temporary bounce but then the reality of the economy will hit in and we could see further depression."
Gartmore head of strategic research Richard Urwin believes the Chancellor has kept growth predictions high in order to duck the issue of taxation and avoid damaging public confidence. He believes the future inevitably holds higher borrowing, taxation and larger gilt issues.
Urwin says: " There were very few surprises in this budget and in terms of the grand scheme of things it will have little effect on the economy and the markets because we knew what he was going to announce. But what is important is that the over all shape implies this is a stimulative budget."