Newspage asked economists, business owners and financial services experts for their thoughts on the Spring Statement delivered by the Chancellor this lunchtime.
Gabriel McKeown, Head of Macroeconomics at Sad Rabbit said, “When it comes to government speeches, I think it’s important to apply a version of Murphy’s Law, as not only will anything that can go wrong will go wrong, but also any remotely positive policy will be twisted beyond recognition until it is ineffective and redundant.
“Decades of neglect, underfunding and the pursuit of short-term gains by successive governments have stunted development and eroded business confidence. This Spring Statement has aimed to disguise our current economic failures with the promise of future riches and development just around the corner.
“It has also relied heavily upon the government’s favourite tactic of political point-scoring, poll boosting and positive soundbite creation, with brilliant promises that will almost certainly be marred by horrendously poor execution.
“Many of us came into this speech with a fairly good idea of what was likely to be said, but even with the government-imposed ‘trigger warning’, it’s hard to dignify this speech with a response.”
Harry Mills, Director at Oku Markets said, “Chancellor Rachel Reeves’ much-awaited Spring Statement was, predictably, a speech of deflection and excuses, and not much else.
“The “uncertain world” and “the parties opposite” shouldered most of the blame for the halving of the OBR’s growth forecasts, whilst the Chancellor repeatedly – and erroneously – seemed to take the plaudits for the Bank of England’s three recent interest rate cuts. Gladly, this wasn’t another monologue on ‘difficult decisions’, although Reeves couldn’t help mentioning the fictional £22 billion “black hole” and twice mentioned the mini-Budget.
“This was a nothing-statement punctuated by nauseating repeats of her new catchphrase, “promised by this Labour government, delivered by this lLabour government, opposed by the parties opposite.” Absolutely pointless.”
Daniel Wiltshire, Actuary & IFA at Wiltshire Wealth added, “The OBR has provided the Chancellor with a stay of execution. Long term growth forecasts may have been upgraded, but the dismal narrative remains.”
