Spring Statement 2026

Commenting on the Spring Statement today, Chris Arcari, Head of Capital Markets, Hymans Robertson, said:

“Today's update from the Chancellor shows that UK borrowing has come in a little lower than expected so far this year, giving her some short term breathing space. However, this improvement is largely driven by lower debt interest costs rather than any meaningful easing in the underlying fiscal pressures. Spending remains elevated, once interest is stripped out, and revenues continue to disappoint. With further policy commitments building, the outlook for public finances later in the decade remains fragile. 
 
“The impact of the developing situation in the Middle East might complicate the picture further. The Chancellor may have to weigh the cost of any potential fiscal intervention to shield UK households and businesses from the worst effects of price rises should the situation persist.”

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