A Statement for the Rites of Spring

Chancellor Phillip Hammond presented the first Spring Statement yesterday. This was not the occasion to expect new fiscal policies or for rabbits out of a hat – we were told that in advance – even the symbolic red budget box was missing. The Chancellor kept to his promise and made this a non-event but in our assessment, he missed the opportunity to address some important long-term challenges facing the economy and public finances such as the pressures from an ageing population and also a shorter-term strategy to neutralise the impact of Brexit.