We can’t ignore the elephant in the room and neither did the Chancellor, but the current conflict in the Middle East is likely to have significant financial ramifications.
Rachel Reeves recognised that the actions of those involved, including the closure of one of the world’s most important waterways – The Straits of Hormuz – would have a knock-on effect on oil and gas prices.
The Chancellor promised no more austerity and confirmed that the public purse now had greater headroom to sustain spending, without having to borrow as much.
Whether this means fewer tax rises in future is not yet clear, but what is, is that the longer the current conflicts roll on, the greater the impact on global business.
This will have a trickle-down effect on many aspects of our lives, from energy costs to the price of transportation, all of which will add additional cost to the way we live.