So when is a fiscal event major and when is it not?

That has been one of the big questions in recent days, with not everyone agreeing with Chancellor Rachel Reeves that her Spring Statement on Wednesday was in line with Labour’s “commitment to deliver just one major fiscal event a year”.

There was plenty of fiscal material to mull over in what she did deliver.

And there was also the dog that did not bark, at least for now. There had been much speculation in the run-up to the Spring Statement that Ms Reeves might have unveiled a major shake-up to the individual savings account (ISA) regime on Wednesday. Although Treasury documents released after the Spring Statement revealed the Government is looking at “options for reforms”, no changes materialised this time round.

However, there was plenty of other big news around the Spring Statement.

Most notably, the Office for Budget Responsibility (OBR) halved its forecast for UK growth in 2025 from 2% to 1%.

To be fair to Ms Reeves, she did not try to skate over this massive downgrade. That said, that was probably the best approach from a political perspective given it would not have taken anyone long to spot this huge revision in the OBR’s economic and fiscal outlook published to coincide with her Spring Statement.

Ms Reeves declared: “I am not........

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