People to be on average £500 a year better off by the end of this parliament compared to under the previous government, putting more money in people’s pockets.

The Spring Statement presented by the Chancellor sets ambitious goals for the UK economy and spells out how changes, such as landmark planning reforms, are expected to improve living standards and boost economic growth. The Office for Budget Responsibility (OBR) forecasts indicated that these reforms will result in the UK housebuilding reaching its highest level in over 40 years, providing over 170,000 new homes. With a £6.8 billion boost to the economy foreseen, the overall economic growth is expected to be 0.2% larger by 2029-30 and could potentially double in the next decade. Additionally, while the increase in defence funding aims to strengthen national security and fosters technological innovation, it also brings about long-term economic benefits. On another note, the proposed welfare reforms have sparked debates, as they promise significant budget savings but are feared to push vulnerable families into further hardship. Critics argue these cuts could be detrimental to those who rely on benefits such as the Personal Independence Payment (PIP) and Universal Credit (UC). Moreover, the response from campaigners highlights the growing concerns about the potential increase in poverty and the need for more inclusive financial measures. Overall, the government's plan seems to pivot towards economic robustness while attempting to balance fiscal responsibility. Sustained efforts and transparent policymaking will be critical in materializing these goals.