After months of political wrangling over tax rises and fiscal policy, Rachel Reeves has now confirmed when MPs and markets will next get an official update on the state of the public finances.
The spring statement will be delivered in Parliament on Tuesday March 3, Ms Reeves has told MPs.
The statement will follow an economic and fiscal forecast by the Office for Budget Responsibility (OBR), due to be prepared for that date, the Chancellor said in a written statement to the Commons.
Ms Reeves insisted the Government only plans to “deliver one major fiscal event a year at the budget” each autumn.
“This approach gives families and businesses the stability and certainty they need and, in turn, to support the Government’s growth mission,” she told MPs.
The Spring Statement is a key fiscal event, less detailed than the main Budget, focusing on the economy’s health and future fiscal direction, with potential tweaks to tax or spending.
Confirming the date, the Treasury said the move was designed to prioritise “stability and certainty”.
Ms Reeves has faced mounting criticism over the run-up to last year’s Autumn Budget, after months of leaks, briefings and rumours about potential tax rises fuelled uncertainty.
Business groups argue the speculation has hit consumer spending and prompted firms to pause investment decisions.
Official figures show Britain’s economy unexpectedly contracted in October, while the Bank of England has warned that growth was likely to flatline in the final quarter of the year.
The OBR released the forecast for Rachel Reeves’s November 2025 Budget 45 minutes early | PA
Industry bodies have also cautioned that private sector activity could weaken sharply around the turn of the year, with companies delaying spending and recruitment until there is greater clarity on tax and economic policy.
The 2026 Spring Statement is expected to be another flashpoint in Westminster, with political tensions still simmering after the Chancellor’s Autumn Budget in November.
Ms Reeves extended the freeze on income tax thresholds, a move that prompted accusations Labour had breached its general election pledge not to raise taxes on working people.
Critics argue the policy amounts to a stealth tax, dragging millions into higher tax bands as wages rise.
The Chancellor also came under fire for presenting what opponents described as an ‘overly bleak’ assessment of the economy, after suggesting the Government could be forced to abandon its promise not to raise income tax rates because UK productivity was “weaker than previously thought”.
However, it later emerged that the Office for Budget Responsibility had already provided forecasts in September, indicating that its downgrade to productivity was offset by stronger real wage growth and higher inflation.
This raised fresh questions about how the economic outlook was presented to the public.
The spring statement “will not make an assessment of the Government’s performance against the fiscal mandate”, Ms Reeves said.
Instead it “will provide an interim update on the economy and public finances”.
Any tax changes made will be in the official Budget 2025 document
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TREASURY