The Chancellor is less likely to use the statement as a platform for new policy announcements beyond “tweaks” to public finances.
Pete Glancy, head of pension policy at Scottish Widows, said: “The Spring Statement should focus on indicators of how the economy has been doing, such as GDP growth, inflation, tax, Government spending and borrowing.
“While I’m hoping for some exciting news in areas such as Productive Finance, Value for Money and Defaults in Decumulation in the next couple of months, I think in keeping with tradition, we are less likely to see the statement used as a platform for new policy announcement beyond tweaks to the public finances.”
However, he noted that it could still mean that anything we hear on the day could impact things like saving, investing, and pensions.
Mr Glancy said: “The relative performance and attractiveness of our economy could influence asset allocations either towards or away from the UK.
“Indicators of a recession often favour bonds over equities, and vice versa when things have been predicted to boom. Short-term interest rates trending down could shift people from cash ISAs towards equity ISAs, and longer-term interest rates remaining high may favour annuities over income drawdown.”
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