Rachel Reeves has confirmed that an early spring statement will take place on 3 March. The Treasury said the chancellor has asked the Office for Budget Responsibility (OBR) to prepare updated forecasts for the economy and public finances ahead of the statement.
The announcement follows a prolonged period of uncertainty in the run-up to the autumn Budget, marked by leaks and speculation over potential tax changes. Business groups have said this uncertainty contributed to weaker consumer spending and delayed investment decisions.
Recent economic data has pointed to a slowdown, with the UK economy contracting in October and the Bank of England forecasting little to no growth in the final quarter of the year. Business organisations have also reported signs of reduced private sector activity, as firms pause spending and recruitment plans.
The Treasury said the government would respond to the OBR’s March forecast with a statement to parliament, in line with a commitment to deliver one major fiscal event each year.
“This approach gives families and businesses the stability and certainty they need and supports the government’s growth mission,” it said.
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