Every Christmas Day, a bunch of slightly mad Dubliners jump into the Liffey for a swim. It's always freezing, but they're hardy souls and don't seem to mind.

For many people yesterday's Budget, which had been flagged in advance as ominous, dire and fearful was a bit like jumping into the Liffey and finding out it's actually filled with somebody else's lukewarm bath water -- nasty but not intolerable.

For those employed in the public sector however, it was brass monkeys all the way.

That's probably as it should be - we're still feeling the ice cubes from Budget 2009.

TIPPING

Between income tax levies and decimated pension schemes we private sector workers were given a cold shower last time out.

The tipping point seems to be that there are more people on the dole (450,000) than there are in the public sector.

Lots of people claiming unemployment benefit were working this time last year.

Those of us working in the private sector know all about job insecurity -- we've felt it horribly during the year. We're down hours, pay and striking is out, unless we want to lose the job altogether.

So, families made up of the guard married to the nurse with a couple of kids and running a car would feel the most pain this year.

It's true that it was the highest paid State employees that got hit the most -- which everyone has been clamouring for -- even the rich sods who managed to escape the tax system to live in their villa in sunny Spain were clobbered to the tune of €200,000.

But even at the lowest level - those earning less than €30,000 will now be 5pc poorer.

That appears to be heavy handed and it remains to be seen whether the unions will walk out . . . on the streets this time.

Some reversal of that measure might be in order but nobody would argue at those on cushy State salaries of €200,000 or more being hit for a whopping 15pc -- Ministers included.

We knew child benefit was going to be hit but happily we can count on Government to do the fast thing rather than the right thing.

Instead of introducing the long-awaited, and much fairer means test or taxation, they cut across the board -- €16 a child (there goes the second replacement of the maths book since September) only to give it back to those on welfare so nobody could really grumble.

Amid all the dreadful floods and families out of their homes for Christmas, Brian wisely decided not to introduce the water charges this year.

But they are coming. You'll pay after you use up a 'free allocation'.

There are many families getting far too much allocation this year, so they won't be thrilled with that.

petrol

The family car was being stocked up last night with petrol -- a notoriously price-insensitive commodity.

With all new rail transport projects stalled and Dublin Bus cutting routes, nobody's harbouring notions of footing it just yet.

To stop canny mammies heading up North for the turkey and ham (or more likely the vodka, gin and whisky), Brian threw her a bit of a sop: a small drop in the VAT rate and a few pence off the jar.

Will it keep her trolley south of the border? The word on the street seemed to be no, but we'll have an extra pint there please in our local.

All in all, you can let out the breath you've been holding since last year.

But eulogies to Kennedys aside, we're not really out of the woods yet. Don't believe that for a minute.

- Sinead Ryan