Spring Statement: Time to embrace ‘boring’ says Royal London’s Jenkins

In her Spring Statement this afternoon, the Chancellor is expected to be aiming to reassure businesses and project more of a sense of calm, than in her Budget last November. Looking ahead to what she might have to say, Jamie Jenkins, Royal London’s director of policy, comments:

“The Spring Statement this year comes with the promise of being ‘boring.’ Given the recent history of fiscal events, one can easily get excited at the prospect of boredom.

“While we don’t expect any big tax announcements, there will of course be keen interest in the Office for Budget Responsibility’s outlook for the economy and Government finances. Any signs of optimism could perhaps translate to households and businesses facing a less worrisome Budget later in the year.

“For pension savers, an uneventful Autumn Budget would be a welcome change, and certainly they could do without another year of frenzied speculation about what could be announced.

“We already have a roadmap of tax changes ahead, with the inclusion of pensions for inheritance tax in 2027, an increase in the minimum pension age from 2028 and a reduction in salary sacrifice NI savings from 2029. And all that alongside seismic changes in the way the market operates through the provisions in the Pension Schemes Bill.

“A ‘boring’ sequence of fiscal events this year will likely be welcomed by those concerned with saving for retirement.”