The chancellor deliberately played down expectations ahead of the Spring Forecast yesterday, reiterating a preference for a single, annual fiscal event each autumn. That message resonates with what our clients are telling us matters for their businesses. Against a backdrop of heightened geopolitical uncertainty, businesses have been clear about what they value most right now: stability, predictability and time for policy to take effect.

With the Autumn Statement delivered in late November and the Spring Forecast following in early March, separated by little more than a quarter and the festive period, absence of new fiscal announcements is not a disappointment. On the contrary, it is reassuring. The chancellor had signalled that this would be a low key update, and any surprise policy interventions at this stage would have raised more concern than confidence.