Hi James
The Spyder 5.0.3 standalone installer for Windows 10 includes its own python environment which includes numpy, pandas, matplotlib and scipy. In your case pandas works but the read_excel function within pandas is relying on another library xlrd to read the excel file which is not installed, giving you the error. The Spyder 5.0.3 standalone installer does not include this and all the other data science libraries bundled in an Anaconda distribution for example.
Installing the Anaconda 2021-05 Python distribution on the other hand will give you these additional data science libraries but it is bundled with the older Spyder 4.2.5 and there are difficulties installing spyder 5.0.3 at present using Anaconda. Behind the scenes I guess it takes some time for Anaconda to get everything in place on their servers regarding the newest version of Spyder.
What you can do to get the best of both worlds however is install Anaconda 2021-05 and install the standalone Spyder 5.0.3 and then create a new conda environment for Spyder 5.0.3. Clone the base environment to get all the preinstalled data science libraries. Select your new environment, then remove the old spyder kernels and get the latest version of spyder-kernels from conda forge. Finally change Spyder 5 settings to load your new conda environment. To do this open up the anaconda powershell prompt and type in the following commands:
conda create --name spyder5env --clone base
conda activate spyder5env
conda remove spyder-kernels
conda install --channel conda-forge spyder-kernels
In Spyder 5 select Preferences, Python Interpreter, use the following Python interpreter and paste in the location (replacing YourName with the name of your user profile).
C:/Users/YourName/anaconda3/envs/spyder5env/python.exe
Once this is done, close and relaunch Spyder 5. It should now work as expected.
I had to do this recently so decided to cover it in a YouTube video here: