Spring Forecast 2026 - Episode three: immediate reaction

In this immediate reaction to the Spring Statement Forecast, Mark Morton shares his candid thoughts on a speech that offered fewer surprises than expected. With no major new tax policy announcements and a strongly political tone from both sides of the House, Mark reflects on the implications for businesses, growth, and the wider UK economy.

He explores the government’s emphasis on stability, the shadow Chancellor’s criticism, the uncertainty created by global tensions, and the lack of clarity on how sustainable growth will actually be achieved. From economic forecasts and borrowing levels to the challenges facing small and medium‑sized enterprises, this episode offers a grounded, business‑focused perspective on what the Spring Statement really means.

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Transcript

Hello, it's Mark Morton here. Just been listening to the spring forecast and have to admit I'm a bit surprised if I'm honest. First thing I suppose. For my area ultimately there were no tax policy announcements made, which is to be fair to the government, what they've said a number of times, that they do not want more than one budget per annum because that leads them into the sort of Liz Trust mini budget, although of course it wasn't actually a mini budget at all, and then they'd be told that they didn't know what they were doing and so on and so forth. 

I think beware what you wish for in light of current events in the Middle East. Whether. Circumstances will change that statement remain to be seen. But currently no major tax policy announcements other than of course, those that have occurred between budget date and now, particularly the one on the 23rd of December relating to a PR and BPR. 

But nevermind no announcements today. Primarily. And it's interesting because I don't mean this with a big political p but I've just listened to the response from the shadow Chancellor and his immediate response was, is that it? And I think that's pretty much sums up how I feel that out of a half an hour speech, at least, half of that was just spent blaming the previous government and a lot of finger pointing particularly at the Tories, but also at reform. So highly political quite aggressive I think for want of a better expression. Quite confrontational. A little bit of talk about stability. Which I suppose comes full circle to the Iran issue. 

Some talk about closer ties with Europe which is quite interesting politically again suggestion that living standards are going up. And I think a lot of this that people voted for change. If you believe this government they gave them a mandate for change. I think at the moment a lot of working people would struggle to see any difference in their pay packets. 

They wouldn't feel better off, and I think the real thing, are any of the policies that we are talking about really gonna change any of that question mark? There was some talk about economic figures, and I hesitate to say too much because the OBR information has not been leaked, therefore, we don't currently have it. 

But I think the headline that struck me was that actually economic growth dropping for 27 before going up slightly on forecasts in the future. But again you can look at current figures, they'll be relatively accurate. Trying to project at the moment, 1, 2, 3, 4 years ahead is problematic as we all know. 

Lots of borrowing lots of public spending. Doesn't seem any particular change in course. And I think the disappointing thing for me having spent my life primarily around private businesses is some talk about growth, but where is that growth gonna come from? Because what you've seen in the last 18 months, to me, for small businesses, medium sized businesses, which is what should drive the economy and it's not public sector that drives the economy, is actually life being made. 

Tax wise, economically far more difficult for a lot of those businesses, which leads to unemployment going up and so on and so forth. Yeah, very disappointing for me personally. Very little mention of the word growth or how we're gonna achieve any significant. Change in the economy? Just nothing. 

So on that happy basis just nothing. It is really steady as you go in terms of this government policies and the proof will be in the pudding in three years time if we get that far with a general election, what people think about that. Anyway good luck everybody in trying to run a business. 

Take care.