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Budget 2022 - Spring loaded: crisis solutions or half-measures?

Amid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ahead of time that he could only do so much.

Speaking at the weekend, he acknowledged concerns about price hikes and inflation, vowing to stand by people in the same way he’s “done over the past couple of years”. But, in the same breath, the Chancellor warned that the Government couldn’t “completely protect people against some of the difficult times ahead”.

After all, this year’s Spring Statement was only ever intended to be an economic update, released alongside the Office of Budget Responsibility’s new forecast.

Now, against the backdrop of the most turbulent period in recent European history, a soaring cost of living crisis with inflation hitting a 30 year high, and on the second anniversary of the UK’s first lockdown, we’ve received slightly more than a brief update.

To begin with, Sunak emphasised that the “measures taken to sanction Putin’s regime are not cost-free for those of us at home” and that the OBR had reported “unusually high levels of uncertainty” about the future of the UK’s economy.

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Sprint Statement 2022
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