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Reeves’s spring statement? The economy is great, don’t worry about the Middle East
With no spending or fiscal commitments to offer, the chancellor kept it short, sweet and just a little tin-eared
When your luck is out, your luck is out. Time to accept what the fates have to throw at you. It was always going to be a bit of a stretch for Rachel Reeves to maintain she had a brilliant plan and the economy had never been in better health when the figures show a fall in growth and a rise in unemployment. Unless you happen to think those things aren’t so bad after all.
To do so three days after the beginning of Donald Trump’s Awfully Big Iranian Adventure when oil and gas prices are rising, the bond markets are in turmoil and stock markets around the world are falling, begins to look a bit previous. Almost tin-eared.
Reeves says her plan is working as growth forecast cut for this year
Chancellor Rachel Reeves has said her economic plan is working in an "uncertain" world, although the growth estimate for the UK has been lowered for this year.
The government's official forecaster, the Office for Budget Responsibility (OBR), cut its expected growth rate for 2026 to 1.1% from the 1.4% it predicted in last year's Budget, but has upgraded estimates for later years.
Reeves announced the figures in her Spring Statement, adding the OBR now expected inflation to be lower this year than previously thought.
The forecasts were made before the conflict in the Middle East broke out, and the OBR said such an outbreak could have a "very significant" impact on the global and UK economies.
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