Rachel Reeves got what she wanted: an uneventful spring statement. It’s not even leading the homepage of the Financial Times. But that doesn’t mean it doesn’t matter. The forecasts the Chancellor read out from the Office for Budget Responsibility (OBR) do not paint a pleasant picture of Britain’s economy.

Growth for this year was slashed compared with a year ago – coming in at just 1.1 per cent. Reeves seemed pleased that it then picks up to 1.6 per cent over the next few years, but that is not the kind of growth we need to turn around a country that has felt stagnant for years. 

By the end of the parliament, voters will be on average £1,000 per year better........

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