In the statement the Chancellor said there were no changes to governments fiscal plans while she also emphasised its defence spending plans, welfare changes and OBR growth projections.

Reeves reiterated the government’s plans to invest £2bn into social and affordable housing to deliver up to 18,000 homes and reconfirmed its commitment of £625m over four years to boost existing training routes for construction education, which is expected to deliver up to 60,000 additional skilled workers.

In her address Reeves cited OBR projections for growth and housing. The projections say that between 2025-26 to 2029-2030, the government is anticipated to deliver around 1.3 million cumulative net additions to the housing stock, of which 170,000 of these were due to be from the government’s reforms to the national planning policy framework.

The Chancellor also announced that while the OBR had halved its UK growth projection from 1% to 2% from the October Budget, it predicted that that GDP is expected to grow 1.9% in 2026 and then average at 1.75% growth over the next decade.

A large emphasis was put on defence, whereby Reeves restated the government’s 2.5% GDP spending commitment by 2027 and stated that an additional £2.2 bn of funding would be allocated for the Ministry of Defence (MOD) next year.

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Industry professionals had their say on today’s Spring Statement

Alex Bodie, director of corporate and community housing at Together:

“Reeves’ £2bn pledge towards affordable housing is a welcome initial step but it may prove simply a drop in the ocean in alleviating the UK’s housing crisis.

“Millions of people across the country are desperate to get a roof over their heads, with many paralysed by soaring rents and we need a bolder vision and clear strategy above and beyond the 18,000 new affordable homes promised.

“The government needs to take a joined-up approach between the public and private sector experts, working with SME developers, social housing registered providers – both non-profit and for-profit – local authorities and lenders to make sure we can really identify the right type of properties in the right areas to meet an overwhelming demand.”

Nick Sanderson, CEO and founder of Audley Group:

“Backing the builders is a strong message in the Spring Statement today, and the further commitment to reducing red tape should be welcomed. The role that housebuilding has to play in getting the economy moving is clear.

“But let’s not pretend it will be easy. Smoothing the process to build is an excellent start; we need more homes. But not just any homes, we need the right ones for our current and future population.

“We need to create housing that creates thriving multi-generational communities, and that means planners have to focus a strategy on how to include specialist housing for older people in any large development.

“We need to continue to bulldoze the blockers currently in place and expedite current planning processes. At the same time, we must think differently about our housing stock and structure and support the needs of the whole society, not just first time buyers."