It was the most eagerly anticipated Budget in decades. All eyes were on the Chancellor today as businesses, homeowners and basic taxpayers alike focused their attention on that famous red leather case.

So how was it for you? They’ll be plenty of reaction from the SME sector filtering through Startups pages over the coming days, weeks and months but in the meantime here’s a round up of the main points you can expect to make a difference to your business.

Despite forecasting a 3.5% contracting of the economy this year, Darling expects it to pick up again next year – by 1.25% by 2010, and then by an annual 3.5% from 2011 onwards.  So the end of the downturn is in sight then? But what measures were proposed to help with the small businesses currently struggling with the day-to-day realities of trading through a recession?

Not much was the general response.

One of the first things in Darling’s bag of tricks was confirmation that the 2.5% VAT reduction will continue until December. The jury is still out on whether this measure, introduced before Christmas, has had any real impact on trading. Some surveys suggest a slight increase in consumer confidence as a result, but the general consensus is that it provided nothing more than an extra administrative headache.

An extension of the provision for loss-making companies to claim back tax on profits for the last three years will be a welcome boost to some but it will be interesting to see how many companies are actually eligible for the relief. And with a 2p hike in fuel duty, many businesses may find any tax relief swallowed in extra transport costs, and a rise in statutory redundancy pay.

However, it was nice to see a fervent commitment to the low-carbon industries with a promised £1bn to encourage growth in this area. According to Tom Delay, chief exec at the Carbon Trust, the measures will go a long to way to ensuring the UK is “a global hub for low carbon innovation despite strong international competition”

So, all in all, a fairly lacklustre response to a crumbling UK economy, but surely we’re used to the inevitable disappointment by now?

We’ll be back soon with more comment on today’s Budget - the hike in the higher rate of income tax is proving predictably controversial among the entrepreneurs we’re speaking to. You can read their thoughts on Budget 09 here soon.