The fact that the Chancellor didn’t address the challenges ahead by creating any new fiscal policies, including support for SMEs, may be questioned by some.
She was trying to sell a picture of stability, by confirming that in future the single fiscal event – promised in the Labour manifesto – would mean longer periods without disruptive change.
However, given the events of recent days, some may query why the Chancellor didn’t use this opportunity to provide greater reassurance or outline proposals that might help businesses weather the economic storm ahead.
In two weeks’ time, Rachel Reeves will speak again as she delivers her next Mais Lecture. During her statement she confirmed that this speech would “set out three major choices that will determine the course of our economy into the future.”