Economic and fiscal outlook March 2026
Office for Budget Responsibility8 hrs
UK: Chancellor Reeves Gives Spring Financial Statement
Is Labour's economic plan delivering real results or are families worse off despite government claims?
Above: Chancellor of the Exchequer Rachel Reeves in London, England, on March 3. Image credit: Stefan Rousseau/PA Images/Getty Images
The Spin
Pro-government narrative
Labour's economic plan is delivering real results for working people. Inflation is down, energy bills have fallen and productivity is rising because of smart decisions like rejecting austerity and investing in the industrial base. OBR revisions forecast that families will be £1,000 better off on average every year meaning, despite geopolitical instability, Britain is moving in the right direction.
Government-critical narrative
The economy is growing slower than predicted and nobody feels better off despite rosy government claims. Tax burdens are hitting post-war highs while pensioners lose winter fuel payments and workers foot the bill through stealth taxes. With war driving gas prices up, stock markets wobbling and the Employment Rights Act discouraging hiring, families will firmly answer "no" when asked if they're better off at the next election.