Chancellor to deliver spring statement on 26 March
Posted: Thu 19th Dec 2024
Rachel Reeves has confirmed that the Office for Budget Responsibility has been commissioned to produce an economic and fiscal forecast which will be published on 26 March 2025.
It will be accompanied by a statement in Parliament from the chancellor. She said:
"I intend to respond to the March forecast with a parliamentary statement.
"This is in line with my commitment to deliver one major fiscal event a year, to give families and businesses the stability and certainty they need and, in turn, to support the government's growth mission."
The statement will not be a full Budget, although it might include some changes. Reeves announced her Autumn Budget in November which included £40bn of tax rises.
The government will also produce a multi-year spending review next year, but the exact date has yet to be confirmed.
Reeves said government departments have been asked to identify 5% "efficiency savings".