REACTION TO SPRING STATEMENT MORE NEGATIVE THAN TO CONSERVATIVE GOVERNMENT’S LAST BUDGET

The reaction to the Spring Statement delivered by the Chancellor of the Exchequer last week has been more negative than to the previous Conservative government’s last Budget last March, as 31% of respondents in this week’s Airmic Big Question survey said their reaction to the Spring Statement was “very negative”. Only 6% felt the Spring Statement was “somewhat positive”. This comes as the attention of the UK government shifts to global priorities, especially as the tariffs imposed by US President Donald Trump around the world threaten to wipe out the UK’s budget headroom.

Julia Graham, CEO of Airmic, said: “While the government has no doubt been confronted with some very difficult decisions because of the geopolitical and geoeconomic climate, it remains to be whether an essentially short-term thinking Spring Statement will achieve what is needed. The concern is that the announcements does not match the aspirations of a country that wants to take a front row seat around the global political table and play a leading role in global risk financing.”

In comparison, 29% of respondents to the Airmic Big Question survey in April 2024 said the last Budget of the previous Conservative government was “very negative”, while 20% in November 2024 said the Labour government’s Autumn Budget was “very negative”.

Leigh-Anne Slade, Head of Media, Communications and Interest Groups, said: “There is visceral concern among Airmic members that last week’s Spring Statement announcements could stifle economic growth, with widespread expectations of tax increases at the next budget. Besides business issues, there are concerns about the UK’s housing policy and in how those most in need have been impacted, even as there is recognition that action is needed to crackdown on abuse of the welfare system.”

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Media contact: Leigh Anne Slade
Head of Media, Communications and Interest Groups, Airmic
Leigh-Anne.Slade@Airmic.com
07956 41 78 77