I don’t think there were any surprises in this Spring Statement

TWell, was it what you expected? I don’t think there were any surprises in this Spring Statement, but the devil is always in the detail. 

We have already seen headlines this week with YouGov releasing research claiming that 77% of people surveyed want to see higher taxes on the rich rather than cut public spending. However, what came out Wednesday lunchtime was cuts in Welfare and increases in defence budgets. 

I don’t think that shocked anyone, did it? 

I think I was looking out for the rumoured reforms over cash ISAs, which didn’t transpire. So, savers still have time to optimize and max out on their cash allowance for this financial year. It is important to make the most of all the opportunities available before they are potentially reduced. 

The radio silence on pensions has been noted by all the Pensions publications and journalists. Headlines like “As you were” and “No mention of Pensions”, from Pensions Age and FT Adviser. So, it is as you were for the time being but stage set for the Autumn. 

 

What's next? I suppose all eyes are now pointing towards the Autumn budget; we need to see the impact of the regulatory changes on National Insurance, which are coming next week and how they impact on business. We have a lot riding on the current American trade policies and how our economy will fare over the coming months. 

 

This statement felt much like a damp firework; it only went off with a fizzle. That might have been a good thing considering the atomic blast of Liz Trusts fiasco…