Secondly, I decided to hold on to my quality Alternative Investment Market (Aim) stocks, such as Christie – a disappointment so far but I believe they are significantly undervalued. Anpario, Cerillion, Concurrent Technologies and Vianet also survived, despite the real risk of losing inheritance tax relief, which clearly spooked Aim, causing a notable decline in values. This too has happened, although it is not a total elimination.

However, even though we are all naturally Budget-orientedthere remain obvious investment opportunities.

For income seekers, Aviva, Legal & General, M&G and Phoenix should look attractive with returns of between 7.5 and 10% – these are well represented in my Isa.

The only positive transaction I have made recently is to increase my stake in the capital of PZ Cussons. Years ago, when I lived in Manchester, I was a non-executive director there. It has been very sad to see its capitalization fall from a peak capitalization of £1.8 billion to less than £400 million today due to management errors, but more importantly currency issues and trade emanating from its large Nigerian companies.

But the decision was finally made to stop this hemorrhage by putting its African interests up for sale. Its leading Nigerian consumer brands and distribution network built over 100 years must be of considerable value, particularly to a non-UK owner. In addition, the leading American tanning brand St Tropez is also for sale.

So, in a few months, with these businesses cut off, PZ Cussons should be seen in a much more favorable light. Its market-leading Carex brand – found in virtually every other home and office – must surely be worth the company’s current capitalization alone – not to mention its other brands and operations in Australia and Indonesia.

Three investment hobbyhorses

Elsewhere, I have three hobby horses when it comes to investing. The first is the complete failure of television to cover investment opportunities. This is a real loss, both for potential investors and for the nation as a whole. We have a wide range of UK listed companies which could and should be brought into homes through a range of possible television programmes.

I think this failure is mainly because TV executives fear regulatory restrictions on content. I pressed this point on the previous government through municipal ministers, but unfortunately made no progress.

Second, non-executive directors, who are now well paid. I am dismayed by the number of non-executive directors who hold minimal, if any, stakes in the limited companies on whose boards they sit, making it difficult to demonstrate their confidence in the future. Without making it mandatory, I suggest that it be clearly indicated to future non-executive directors that during the second year of their mandate, they should have built up a stake at least equal to 25% of their annual contribution.

Third, regarding Isas, and undoubtedly controversial, I would suggest that future Isa portfolios be limited to UK-listed stocks only. Obviously it would be unfair and administratively difficult to limit existing Isas in this way, but I fail to understand why we should apply the generous Isa tax breaks to those who choose to invest overseas.

I was however pleased and pleasantly surprised that no changes were planned to the Isa regime before 2030. Given the increase in capital gains tax, Isas are clearly even more valuable and are obviously a must for any private investor.

Budget Stop Press: expensive for companies, but pleasant for private investors. The worst fears did not come true.