Best of the Spectator Coffee House Shots: Spring statement – everything you need to know
Mar 3, 2026
James Heale, political journalist offering sharp electoral context. Michael Simmons, commentator on fiscal policy and budgets. They dissect why the spring statement felt deliberately low-key. They debate missed chances on energy and cost of living. They probe OBR assumptions, spending plans and how global shocks could upend fiscal headroom.
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Treasury Intentionally Made The Statement A Non-Event
- The spring statement aimed to be a non-event to avoid market reaction and speculation.
- Michael Simmons notes the Treasury deliberately minimized announcements, even as real-world shocks (energy, Middle East) made forecasts fragile.
OBR Forecasts Already Outpaced By Energy Markets
- The OBR forecasts underpinning the statement already look out of date against current energy prices.
- Michael Simmons points out the OBR assumed gas at 89p/therm while market price was £1.48, undermining forecast reliability.
Opportunity For An Emergency Fiscal Response Was Missed
- A bolder Chancellor could have treated the statement as an emergency fiscal response to global turmoil.
- Michael Simmons argues scrapping the twice-yearly assessment and announcing emergency energy and cost-of-living policies would signal action.