Chancellor Rachel Reeves was back in the spotlight this week as she delivered the much-anticipated Spring Statement. Having promised only one fiscal event a year during the election campaign, the statement was meant to be a routine update on public finances. That was not exactly how it panned out.

Branded a “mini-Budget” by the Tory opposition, Reeves announced several spending cuts to restore all of the fiscal ‘headroom’ needed to meet her iron-clad fiscal rules. Souped upwelfare cuts and trims to foreign aid were the two main casualties, with cash set aside to pay for redundancies in the civil civil service. In total, the measures added up to £14bn in savings - not quite Elon Musk’s project chainsaw, but significant, nonetheless.

There was, however, a glimmer of hope on a fairly gloomy day for the Treasury. The OBR forecast noted that Housing Secretary and Deputy Prime Minister Angela Rayner’s planning reforms will result in housebuilding being at its highest level in over 40 years, as well as a 0.2% boost to GDP. Never, declared Reeves, has so much extra growth been predicted by a policy that costs the government so little. Sceptics might point out that 0.2% represents just a few billion added to a £1.7 trillion economy in reality but needs must in grim times.

Nevertheless, when forecasted economic growth from the planning reforms contribute roughly the same amount to the restoration of the headroom as those welfare savings it can easily be argued that the real winner of Wednesday’s Spring Statement was Angela Rayner.

The DPM recently finished top of a popularity poll of Labour members and (so far) she is successfully navigating the Employment Rights Bill through the Commons as well. Though unpopular with much of the business sector, Rayner’s employment rights measures enjoy widespread support among the electorate. It’s a similar story for the Renters’ Rights Bill, which is also being delivered by Rayner’s department.

Whilst Reeves will remain under pressure going into the Spending Review, which is expected to take place on June 11th, and the Autumn Budget, Rayner is once again silencing her critics. Time will tell as to whether she is able to cement her status as a bona-fide political heavyweight, and whether she can convert this into widespread personal electoral popularity.

(Photo provided by HM Treasury)