Spring Statement 2025

In this short episode, join Mark Morton as he reflects on the Spring Statement delivered by Chancellor Rachel Reeves today (25 March 2025).

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Transcript

Hello, it's Mark Morton here. It's Spring Statement Day and I have just finished listening to Rachel Reeves and what a thriller minute that was. It has to be said., I was taught many years ago. If you've got nothing to say, say nothing.. It's interesting that today's statement was really just a reiteration of a number of the policies that have been announced over the week or so leading up to the budget. 

So, uh, more affordable houses, planning, reform, uh, cutting the welfare state, cutting, uh, to civil service, uh, as a money used to work in the civil service, cutting the civil service. Is a meaningless statement., you know, but it's interesting. There was nothing new in there. Now, to be fair to the government, they had said there would be no tax announcements and there were no tax announcements. 

In fact, as far as I could fathom, I'm not sure there are any new announcements in that statement at all., there are a lot of words about improvements. Uh, there was some suggestion, uh, that based on the figures, people will be 500 quid a year better off in the next year. I think the problem is. Uh, you know, a lot of people, well, it may be true, it may not be true, but people don't feel that, you know, businesses do not feel that we're on a growth trajectory. 

It's the office the opposite. They're winding their spending in at the moment. I think fairly self-evidently, I. And I suppose the other thing that did strike me is that most of the upsides of these policies are not really projected to have had any significant effect till 29 30. Now, bearing in mind that the next election on a five year cycle is due July, 2020, I think there's a really big question, you know, will any of this politically be of any use? 

And even if it does work, even if it does. You know, there may be some pain along the way and people will not be inclined to pursue this plan any further at that stage. So,, more interesting in terms of the politics and the economics of it than a,, serious tax statement. I think it's probably fair to say. 

Um, wish you'll see, uh, don't panic. Nice to see you all. Bye.