Chancellor of the Exchequer Rachel Reeves will today make her Spring Forecast in response to the latest economic figures published by the Office for Budget Responsibility.
There will be no tax changes or other major financial announcements made, with the Chancellor simply expected to set out her economic plan.
According to the Treasury, when she speaks in parliament later today, the Chancellor “will set out why she thinks the Government has the right economic plan for Britain.”
Economists predict the statement will show that the UK is still keeping within the OBR’s fiscal forecasts and that inflation is heading down towards the government’s target.
But with the worlds four days into the Middle East crisis, the predictions are likely to have been battered before being published. Economic experts reckon the OBR projections could look out of date, after oil and gas prices soared yesterday leading to fears of a fresh energy crisis.
Despite that, Ms Reeves is expected to say later on today: “This government has the right economic plan for our country … in a world in that has become yet more uncertain.
“Stability in the public finances, investment in infrastructure and reform to our economy. Building growth not on the contribution of a few people or a few parts of the country, but in every part of Britain with a state that doesn’t stand back, but steps up."
Ms Reeves is also expected to say: “Because of the decisions we have already taken, we have a stronger and more secure economy. Inflation and interest rates falling. And in every part of Britain, working people are better off.”
The Spring Forecast statement is expected to be made in parliament at 12.30pm today. Financial Planning Today will be examining the Chancellor’s statement and OBR forecast and publishing up-to-the-minute news and reaction later on this afternoon.