Spring Statement 2026: West Midlands business leaders react to latest announcements by Rachel Reeves
Unemployment, government debt and welfare spending all came under the spotlight when Chancellor Rachel Reeves announced her Spring Statement in the Commons today.
Meanwhile, the Office for Budget Responsibility has revised down growth projections for 2026, predicting the UK's economy will grow by 1.1 per cent this year, lower than the OBR's previous forecast of 1.4 per cent made in November.
Growth measured by GDP (gross domestic product) is then expected to be 1.6 per cent in 2027, higher than the previous forecast of 1.5 per cent, while unemployment is forecast to hit 5.3 per cent this year, higher than the previous forecast of 4.9 per cent before falling to 4.9 per cent in 2027.
Unlike the Budget, the Spring Statement provides an overview of the UK economy and its short-term future prospects rather than offering any major policy announcements from the Government.
Here, West Midlands business leaders have been reacting to the statement, with some praising it for being "shock free" while others said companies needed targeted support.
Helen Columb owns Telford-based Turas Accountants and said businesses would be breathing a sigh of relief as the statement contained few surprises and a lack of political "psychodrama" seen around last year's Budget.
"After the turbulence of the last two Budgets, most business owners weren't looking for fireworks but for stability," she said.
"In that sense, today's statement has delivered. There were no major shocks and no sudden changes of direction. That alone will come as a relief.
"Last year, many of our clients were forced into a holding pattern. The speculation around the November Budget created real anxiety for months in advance.
"Businesses delayed investment decisions, recruitment plans and long‑term commitments because they simply didn't know what was coming. Today's statement may not have been exciting but it was predictable and predictability is exactly what the business community has been crying out for.
"This is a good moment to take stock. Certainty may be in short supply these days but today's statement gives us a window of calm and businesses should use it."
Ruth Ross is chief executive of business body Shropshire Chamber of Commerce and believes businesses will be relieved that the Spring Statement was "shock free".
"In this volatile world, companies have been clear that what they value most is a predictable policy environment in which they can plan, invest and grow," she said.
"The Chancellor's decision to avoid sudden changes or unexpected interventions will be welcomed on shop floors, factory floors and in boardrooms alike.
"What we heard today gives businesses the space to focus on productivity, skills and innovation rather than firefighting yet another round of policy upheaval.
"While there is still a pressing need for long‑term clarity on issues such as business rates, energy costs and the future of the labour market, the absence of unwelcome surprises is itself a positive signal."
