Last week, Ireland officially went back into recession. In doing so they joined Italy, the Netherlands, Greece, Portugal, Spain and Belgium, all of whom are already in recession. Even Germany's economy shrank in the last quarter. The Eurozone as a whole has seen its growth forecast for 2012 fall from +0.5% to minus 0.3%, meaning the Eurozone will be in recession by the end of the year. It is against that backdrop that the Chancellor, George Osborne, gave his annual budget speech to Parliament last Wednesday. What was remarkable, given the economic woes still affecting our largest trading partners, was how well the UK is actually holding up. Independent forecasts expect the UK economy to do slightly better than we last thought, with growth of 0.8% this year rising to 2% growth next year. UK growth forecasts have been raised, while borrowing, unemployment and inflation are are all now predicted to be lower than expected. Considering our deficit is still higher than that of Greece, that is remarkable.