Chancellor Rachel Reeves delivered a spring statement on Wednesday with no new spending or fiscal commitments, marking the first such budgetary event since George Osborne's tenure. Reeves insisted the government had the right economic plan, despite official figures showing falling growth and rising unemployment.
Speaking in the House of Commons, Reeves emphasised that inflation and interest rates were declining, but omitted the negative economic indicators from her remarks. She said voters would ask themselves at the next election whether they felt better off, a question she suggested remained open.
The statement came three days after the beginning of Donald Trump's military actions in the Middle East, which have pushed up oil and gas prices and caused turmoil in bond and stock markets worldwide. Reeves acknowledged the conflicts but argued her economic plan was more important than ever and had accounted for such contingencies.
Shadow chancellor Mel Stride responded for the opposition, appearing unprepared for a statement that had been expected to contain major announcements. Stride criticised Reeves for complacency, but was unaware that the Treasury had intentionally leaked nothing due to the lack of substantive policy changes.
Reeves made brief references to austerity and the premiership of Liz Truss, but did not signal a major reset with the European Union. She kept her remarks largely tribal, focusing on the contrast between Labour and Conservative governance. The spring statement is now expected to be followed by a full fiscal event later in the year.
