Letter from the Founder: Will the Spring Statement bring relief to household budgets?

If you were hoping the Spring Statement might bring some relief to household budgets, you were probably left feeling a little underwhelmed.

There were no big tax cuts. No dramatic giveaways. No moment where households across the country collectively exhaled and said, “Well that’s a relief.”

In reality, the statement didn’t do very much for working households in the here and now. Tax thresholds remain frozen, prices are still stubbornly high, and many people are quietly paying more tax each year without necessarily feeling richer.

In our house, we are certainly feeling the pinch. Like many families, we’ve had to make a few adjustments over the past year. A few subscriptions have quietly disappeared. Some providers have been switched. And there has been the occasional family discussion that starts with, “Do we really need three streaming services?”

(For the record, the children believe the answer is absolutely yes.)

None of this is dramatic. But it is real. And I suspect many households across the country are doing exactly the same thing.

The Spring Statement was a reminder of something important. While government policy shapes the environment we live in, the biggest improvements to our finances usually happen much closer to home.

Small decisions compound.

Switching a provider. Cancelling the direct debit you forgot about three years ago. Increasing a pension contribution by a couple of percent. Investing regularly rather than trying to time the market.

These are the quiet financial habits that actually move the needle over time.

So while Westminster debates the big economic picture, my advice this week is simple. Focus on the part you can control. Take a look at your own finances.

You may not be able to change the Spring Statement. But you can probably still find a forgotten £9.99 subscription hiding somewhere in your bank account.