The PMI's response to Government's Spring Statement
In response to the Government’s recently announced Spring Statement, the PMI’s Helen Forrest Hall has released the statement below:
“The Chancellor faced significant fiscal challenges today, as the OBR halved the 2025 growth forecast, erasing the £10 billion surplus from October’s budget and leaving a £4 billion deficit in 2029/30. In response, tough decisions were made to balance stability with growth, though these measures do leave limited room for manoeuvre in future years. The referenced pension reforms, aimed at boosting UK investment and enhancing member outcomes, are commendable but must maintain a sharp focus on delivering tangible benefits for members. Additionally, the Government must consider the financial and operational burdens these reforms will place on businesses. Sequencing will be key to ensuring practicality and avoiding unintended consequences and the PMI looks forward to collaborating with the Government to establish the most effective pension reform roadmap.”
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