Low-key start to spring or media frenzy

Notable reactions previously include a backlash from farmers over changes to Inheritance Tax, and from businesses to an increase to the rate of employer NICs.

There hasn’t been the same level of speculation in advance of this latest statement, so plans to keep it a relatively subdued event seem to be working so far.

But what could emerge from the statement? The first thing to say is that it’s expected to be a fairly short affair and the Chancellor is unlikely to be on her feet for an hour or more as has happened in the past.

She is set to discuss economic forecasts from the Office for Budget Responsibility to give us a flavour of what’s on the cards in the months ahead. Despite inflation easing it is still above target, GDP growth is still limited, and unemployment is rising.

These are all huge challenges to contend with. And the major blow of losing the Gorton and Denton by-election to the Greens, with Labour coming third behind Reform – a result described as a humiliation for Sir Keir Starmer – won’t be helping.

Reeves and her colleagues might be hoping for a quiet time, but that’s unlikely to happen anytime soon.

In a welcome move, Ofgem has announced changes to the energy price cap effective from 1 April to30 June. It said that energy prices will go down by 7 per cent, or some £117, for a typical household which pays for gas and electricity by direct debit.

Sarah Pennells, consumer finance specialist at insurer Royal London, commented that this is a “good moment for anyone who hasn’t reviewed their energy deal recently to check what’s available in the coming weeks”.

There is plenty to digest in this issue of Scotsman Money. I took a deep dive into Scotland in the Red, the annual flagship report from debt charity StepChange Scotland, and found some depressing and worrying statistics.

For example, more young people are having to seek support to manage their debt and being in full-time work is no longer enough of a safety net for many.

Tom Ham, chief executive of Calton, gives his nuanced views on IHT, which he describes as “this most emotive of taxes”, and in our Q&A section Andrew Sutherland of Acumen Financial Planning answers: “How can I feel confident about retirement?”

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