Mon, 23 Feb 2026

Mon, 23 Feb 2026 When is the Spring Statement and what might be in it?

Chancellor Rachel Reeves will give an update on her plans for the UK economy when she gives a statement alongside an economic forecast on 3 March.
The OBR forecasts indicate how the economy is expected to perform and whether the government can meet its tax and spending rules. The two main rules are having £21.7bn in reserve, also known as "headroom", and keeping public borrowing below 3% of GDP. In November's Budget, the OBR said Reeves would meet this rule with £21.7bn in reserve. However, changes to how the OBR assesses fiscal rules will take place from this year onwards. From now on, the assessment will only be made once a year at the autumn Budget, not twice a year as previously done. The Spring Statement usually outlines the latest economic forecasts from the Office for Budget Responsibility (OBR), which will be published in full after Reeves has delivered her speech in the Commons. These give an indication of how the economy is expected to perform and whether the government can meet its tax and spending rules. Reeves is not expected to announce any major policy decisions, such as changes to taxes or spending, although this year's statement could potentially lead to some announcements. The Treasury will publish the OBR's forecast after Reeves has spoken in the Commons. The Labour government made boosting economic growth a priority when it took power in July 2024, but many economists and politicians are concerned that the UK economy is not growing fast enough. GDP grew by 0.1% in the last three months of 2025, which was slightly less than expected. Inflation has cooled down after peaking at 11.1% in October 2022, but it's still above the Bank of England's target of 2%.
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