Just before Christmas, the Chancellor asked the Office for Budget Responsibility (OBR) to produce an economic and fiscal forecast for 23rd March. The timing and brief nature of the accompanying Treasury announcement reflected Mr Sunak’s wish to keep the Spring Statement a low-profile event.
Tuesday’s public finance figures suggested the Chancellor had £25-30 billion of wiggle room and, to the surprise of some commentators, he used a good part of it in what looked suspiciously like a mini-Budget, complete with a deferred, rabbit-out-the-hat income tax cut for 2024/25.
Our Spring Statement Summary covers all the key changes, and you'll hopefully find it a useful overview. Click the image below to read.