Watch: Spring statement live
From our UK edition
Before the first missiles landed in Tehran, Rachel Reeves had been looking forward to today’s spring ‘forecast’ statement, which was designed to be the lightest-touch intervention by a Chancellor since Philip Hammond in 2018: no Office for Budget Responsibility scoring of her fiscal rules, no tax announcements, no major policy changes and, crucially, no months of damaging speculation about black holes or gilt yields in Britain’s fragile economy. The strategy worked, with barely any debate ahead of time and the only real question being how small her measures would be. That is, until turmoil in the Middle East sent oil and gas prices surging, markets tumbling and bond yields climbing, threatening to render parts of her forecasts outdated.