Going into the latest Spring Statement, the Chancellor made it very clear that this would not be a full fiscal event and that any new policy changes would be off the table.

Rising to her feet in Parliament that is exactly what Rachel Reeves delivered, but it was against a back drop of rising economic uncertainty that she could not have predicted when she set the date for her forecast.

In her opening words to the MPs gathered, she made it very clear that the ongoing conflict in the Middle East was adding considerable obstacles to improvements in the global economic outlook.

Already, oil and gas prices have surged and many of the world’s leading trading floors have recorded significant downturns, but nevertheless Reeves painted a picture of a UK economy that would continue to grow.

Some businesses and individuals may be thankful for little or no change, but others are likely reviewing the Statement and wondering why Reeves didn’t do more to lay the ground for help with a new, looming cost crisis.