Spring Statement 2026

In advance of the Spring Statement, Chancellor Rachel Reeves was keen to downplay its importance, insisting it would last around twenty to thirty minutes, and the Autumn Statement would remain the only major fiscal event of the year.

After the heightened speculation of last year’s Budget, a calm speech was hoped for by most parties, but there were some features to expect:

• The latest economic forecasts from the Office of Budget Responsibility (OBR) which the Chancellor will summarise, and which will then be published in full. This will show the effect the last Budget and the Government’s policies have had.
• The Chancellor had said that she wouldn’t be making any major announcements, but she could have made some minor changes to tax policy.
• Escalating and continuing conflict in the Middle East could have implications on inflation, interest rates and commodity prices. Oil prices could rise dramatically, impacting prices at the petrol and diesel pumps, as well as utility bills, transport and production costs.

So, what was in the Statement?

As part of the government’s policy of one major fiscal event a year, the Chancellor announced no new tax or spending policies. However, the OBR’s forecasts do provide some early clues about future tax and spending pressures.

The Chancellor focused on how the government’s policies are delivering economic growth, particularly when looking at gross domestic product (GDP) per person. However, the OBR’s report indicates a more nuanced picture and notes that the fiscal context for the next Budget will remain challenging.

The Summary…

As ever, our summary includes the key content from yesterday’s Statement, along with more detailed analysis of the OBR Report. Click below to access your copy.

There may be more detail to come. If so, we’ll post updates with this extra information as appropriate.

As always, if you have any specific questions from the Statement or on more general elements of your personal or business affairs, please get in touch.