Rachel Reeves framed the Spring Statement as a straight forward economic update, rather than a big fiscal moment, in line with her pledge to hold just one full budget each year.

She said the government has “restored economic stability” despite a difficult global backdrop, including the escalating conflict in the Middle East and higher energy prices.

The UKs growth forecast for 2026 has been revised down to around 1.1%.  Growth is then expected to pick up to around 1.6% in 2027 and 2028.

Inflation is expected to ease to around 2.3% in 2026 and then settle close to the Bank of England’s 2% target.

Rachel Reeves put forward that, after inflation, average households could be more than £1,000 a year better off by the next election, supported by wage growth, lower inflation and previous rate cuts.

She also pointed to a typical £150 fall in energy bills from April 2026, while noting that global events could still push prices around.

Rachel also stated that this remains the “right economic plan for the UK” in a period of uncertainty and stressed the importance of keeping the public finances on a responsible path.