Dear members

This afternoon, the Chancellor of the Exchequer delivered her Spring Statement. The Chancellor used the Forecast to assert that the government’s plan for growth is working and that Labour has the right approach to delivering growth and supporting working people across the UK.

The Chancellor recognised that providing stability is a key foundation for growth, and that today’s statement - which did not include any new policy announcements - is in line with the government’s commitment to stability as there will only be major fiscal event per year at the autumn budget.

Commenting on the events in the Middle East, the Chancellor highlighted the government’s commitment to investment in defence and building a resilient economy in the face of global headwinds. She emphasised that the UK had the fastest economic growth in the G7 in 2025 and that they will look to beat the growth forecast for this year as well. The Chancellor said that Labour is the only Party who can deliver ‘social justice, national security and fiscal responsibility’.

Looking at the forecast for the rest of the Parliament, the Chancellor set out how the government’s latest trade deals, skills plan, investment in infrastructure, support for entrepreneurs and further planning reforms will help deliver stronger economic growth. She said that working people will be £1,000 better off by the end of the Parliament.

As expected, the government have used the statement as an opportunity to emphasise how their plan is working, to highlight the ‘green shoots’ of growth and to focus on the government’s priorities around cost of living support and working people. In the wake of the Gorton and Denton by-election last week and with the May elections ahead, the Chancellor looked to focus on what Labour are doing to make growth and improvements felt in ‘every part of the UK’.

There were no major policy updates for our sector or any reference to insurance and pensions in the Chancellor’s statement. Given that there are no major policy announcements from today’s statement, we are taking the approach not to comment on the Spring Statement and will be following up with government privately on key policy priorities.

If you have any questions or would like to discuss, please do not hesitate to get in touch.

Best wishes Chris