What the Spring Statement means for your finances

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 28 March 2025

⏱️ 52 minutes

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Summary

Rachel Reeves is back to where she started after the Spring Statement, with her £9.9billion of budget headroom restored but at what cost.
The Chancellor was true to her word and didn't turn this week's economic update into a second Budget, with no tax changes coming in.
But a wave of spending cuts was announced, along with growth forecasts going both down and up.
We also got the Office for Budget Responsibility's update on what Reeves' Autumn Budget tax rises will cost us, a threat to cash Isas and no reprieve for home buyers on stamp duty.
On this podcast episode, Georgie Frost, Lee Boyce and Simon Lambert dive into the Spring Statement to explain why it happened, what it means and tackle the question of whether taxes are going to have to rise again in autumn.
They look at the very important assumption being made by the OBR, which if it turns out to be wrong could mean there is a £48billion black hole in the sums.
And is the entire thing a charade anyway and damaging to our future prospects? Simon explains why he thinks so.
Finally, campaigners like Gary Stevenson claim this could all be solved with a wealth tax - is that where we will eventually end up?

Transcript

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0:00.0	Welcome to This Is Money podcast sponsored by Charles Stanley Direct. I'm Georgie Frost and joining me and Simon Lambert today is Lee Boyce. And coming up, in the words of Simon Lambert, we should go on the spring statement, I guess. Yes, Simon, I guess we should. From what it all means for our money, for the wider economy, where the black holes have been filled, growth has been kickstarted, as well as the future of cash-isers, inheritance tax and stamp duty, as well as tax snooping.
0:30.3	All that and plenty more. Don't forget, you to update with all the latest breaking money news, just go to this ismoney.co.uk or download the app.
0:38.2	Take control of your finances with Charles Stanley Direct, invest, save, coach or plan using
0:46.6	technology where it's helpful and people where it matters. Our website and app make
0:52.0	trading cost effective and flexible but we're more than just
0:55.4	an online investment service. We're here for you, regardless of your financial needs, or if
1:00.9	your life takes an unexpected term. Your finances, your way. Take control today with Charles
1:08.0	Stanley Direct. Sign up now. Investment involves risk. Right. So this week,
1:13.3	the Chancellor delivered her first spring statement against the backdrop of rather gloomy economic
1:18.6	news. There would be no rabbits out of the hat, no flourishes of showwomenhip that we've seen in the
1:23.8	past. She promised only one major fiscal event each year, and that would be the
1:27.8	budget in the autumn. So what did we end up getting? Gentlemen, welcome to you both. I want to
1:34.2	start, unusually, with Michael Gove. I was actually listening to the Spectators pod the other day,
1:41.4	and he called it the Sabrina Carpenter Spring Statement.
1:45.1	The content isn't very original.
1:47.8	The essentials are just barely covered.
1:51.0	And unfortunately, the Chancellor couldn't be straight about the costs,
1:53.7	no matter how many questions we asked.
1:56.3	So in continuing that theme, Simon, what pop star was the spring statement to you? Well, Georgie,
2:04.0	that's a question, isn't it? And I'm going to have to think of a smart answer right off the top of
2:09.8	my head. Well, that's why I sent it in advance, do you see, Simon? Yeah, but I don't like to spoil the
2:14.3	magic. Well, that's true. That is true. Justin Bieber, responsible for some big hits in the past,
	...

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