With this year’s budget being one of the most closely watched in years, reporter Jen Heape took to the streets of Lambeth to see what the key announcements mean to you.

Eric Irvine , 62, retiree living in Crown Point.

As a pensioner, Eric will benefit from the 2.5 per cent increase to the state pension. The increase will come into effect next year, but Eric is not particularly impressed.

“It’s only two and a half pence in the pound, so it’s not really going to make much difference,” he said. “With prices going up all the time, it just feels like we’re always playing catch-up.

“But I do think that keeping the winter fuel allowance is a really good idea. I appreciate that so much every year.”

Jo Wojdat, 24, assistant manager of The Goose pub in Streatham.

Alcohol taxes are increasing by 2 per cent, causing a 1p rise per pint, 4p on a bottle of wine and 13p on a bottle of spirits. The rise is condemned by the British Beer and Pub Association, who said the duty hike, “signs the death warrant for thousands of Britain’s pubs and for tens of thousands of British jobs”.

Jo says she isn’t too concerned by the increase in prices, but the pub is trying to make sure the money keeps coming in by changing the menu to provide more food.

Carl, 32, unemployed of Streatham.

From January, under 25s who have been out of work for a year will be offered either a job, training or a work placement.

The Government claims this will create an extra 250,000 new jobs to help stem unemployment, which could reach 3m by the end of the year.

But at 32, this new scheme will not help Carl, who has been looking for work for over eight months.

“You can only apply for jobs if they are available, but if the jobs just aren’t there, then there’s only so much that can be done.

"You have to try and help yourself - I’m doing a training course.”

Kevin Pinto, 36, manager of Jacksons Estate Agents in Streatham.

The stamp duty holiday for properties under £175,000 will be extended until the end of the year, and first-time buyers will benefit from £80m injected into the Government’s shared equity mortgage schemes.

Mr Pinto thinks the Streatham housing market picking up, so he’s not sure the new incentives will make much difference.

“Even after all the doom and gloom in 2008, people are still buying in Streatham,” he said.

“We’ve found that the housing market has stabilised again and our sales actually doubled in the first three months of this year.”

Ken West, 57, and James McKechan, 56, owners of The Cutting Room hairdressers.

Ken thinks it is disgraceful that public finances in Britain are now in the worst state since World War II, but he finds it hard to be concerned about events so large and out of his control.

“It affects my life, but not in a tangible, everyday way,” said Ken.

“There are so many more pressing problems for businesses, like business rates and taxes, rather than worrying about how many billions the Government is borrowing.”

Labour parliamentary candidate for Streatham, Chuka Umunna

He says the Budget reflects the need to help people and build for the future.

“We know that if we don't act now, it will cost us all more in the long run, which is why, for example, we have increased tax credits for over 13,000 families in this area and for over 4,000 pensioners,” said Mr Umunna.

He also thinks the stamp duty extension will be a big boost to first-time buyers looking at houses under the £175,000 threshold.

“To first time buyers on normal incomes eying up the 80 odd properties on the market at that price here, this will be massively helpful.”

Chris Nicholson, Lib Dem parliamentary candidate for Streatham.

Mr Nicholson has criticised the budget as doing nothing for ordinary residents already hit by rising prices.

“The Budget has done nothing to help those struggling in recession,” he said.

“As the cost of food, heating, water and transport continue to rise, families in Streatham haven’t been given any practical help by the Government.

"Britain’s taxes are too heavy on those who can least afford it and too easy to avoid for those who know how”.

Conservative parliamentary spokesman Rahoul Bhansali

He also believes the budget is not doing enough for Streatham residents.

“In these tough economic times, families and local firms across Streatham are going to pay the price for Gordon Brown’s failing.

"These aren’t taxes for the few; they are taxes for the many,” he said.

“At a time when people are losing their jobs or facing pay freezes, hard-working families now face smaller pay packets and a higher cost of living.”

• What do you think? Let us know in the comments section below.