A building society boss has claimed the pre-budget report was a "pathetic attempt" to stimulate the economy.

Mike Lazenby, chief executive of Kent Reliance Building Society, based in Chatham, said the Chancellor should have done something more substantial.

That should have included scrapping stamp duty for a year to help people buying a home.

"It’s a pathetic attempt to stimulate the economy through PR," he said. "I think they could have done something more substantial for those people that are trying to buy a house like abandoning stamp duty for a year. They’re just doing things at the edges."

~ Read Business Editor Trevor Sturgess's pre-budget round-up

Mr Lazenby will pay the new 45 per cent tax rate from April 2011 because he earns more than £150,000 a year.

"Somebody has to pay for the mismanagement of the UK economy and it’s probably right that the people can afford it the most have to pay the most."

Mr Lazenby, who said he did not favour any political party, accused the Government of introducing numerous stealth taxes. "The number of people affected by the higher rate tax increase is a relatively few but the Government has applied these stealth taxes to everybody."

As for the 2.5 per cent cut in VAT, he doubted whether people would rush out to the shops to save £25 on a flatscreen television costing £1,000.

"I will guarantee that when the detail comes out, everybody in the UK will be paying more than they are currently paying. Because of the PR and propaganda of this Governtment, which is excellent, people will mistakenly believe they are going to be better off but they wil not be in the longer term."

The stock market rallied after Mr Darling’s report and Mr Lazenby said: "If it does something to boost people’s confidence, it’s got to be a good thing."