Budget 2014: Robinson on Osborne tax and annuities news
19 March 2014 Last updated at 14:47 GMT
The most complicated and profound changes from the Budget were the announcements on annuities, said the BBC's political editor.
Nick Robinson said there was "a big healthy dose of electoral politics" in some of George Osborne's changes.
And he added there was a "lot of populism" in the speech, with announcements about bingo tax, alcohol duties and a package to build more houses.