For a government that spent much of the winter defending its credibility, Rachel Reeves’ Spring Statement was, if nothing else, a relatively calm affair. Markets didn’t panic. Businesses weren’t blindsided. And the chancellor didn’t spring any new tax rises on long-suffering households. In 2025, that almost counts

The first GDP release of the new Labour government was always going to be of interest, especially as they report on the period directly before the chancellor, Rachel Reeves, delivered her first budget. Yet few could have been prepared for the figures revealed by the Office for National Statistics (ONS)