Rachel Reeves Sets Spring Budget Date Amid Economic Concerns
Chancellor Rachel Reeves has announced that the spring budget, also known as the spring forecast, will be delivered on 3 March 2026. On the same day, the Office for Budget Responsibility (OBR) will publish its forecast. The Treasury has confirmed that there will only be one major fiscal event per year, which will take place in autumn. The spring forecast is expected to serve as an interim update and will not be used to judge performance against the fiscal mandate.
The spring budget is anticipated to be a significant political moment amid ongoing concerns about the UK economy and controversy surrounding the November budget, which included tax hikes. Reeves extended the freeze on tax thresholds, drawing accusations of breaking Labour's manifesto pledge not to raise taxes for working people.
In September, the OBR told Reeves that public finances were in better shape than widely believed. Reeves stated that she was upfront about her decision-making and noted that OBR figures indicated less fiscal space.
Following an accidental leak of Reeves's November budget details, OBR chief Richard Hughes resigned. An investigation attributed the leak to leadership failings in security rather than a cyberattack. Additionally, official data from October showed UK GDP shrinking by 0.1%, highlighting the fragility of the economy.
