Rachel Reeves to Deliver Spring Budget and Forecast on 3 March 2026
The Spring Budget, also known as the spring forecast, is scheduled to be delivered by Chancellor Rachel Reeves on 3 March 2026. On the same day, the Office for Budget Responsibility (OBR) will publish the associated economic and public finance forecast, which has been prepared at Reeves's request.
Unlike the autumn budget, this spring forecast will provide an interim update and will not assess performance against the fiscal mandate, as only one major fiscal event is held annually. The last spring statement included measures such as welfare cuts, additional funding for construction training and defence, and efforts to combat tax avoidance.
The 2026 spring statement is anticipated to be politically significant amid ongoing economic concerns. Official figures reported that UK GDP contracted by 0.1% in October 2025. The policy of extending the freeze on tax thresholds has attracted criticism for allegedly breaking Labour’s manifesto pledge not to raise taxes on working people.
The Chancellor's November Budget faced controversy following an OBR leak which led to the resignation of OBR head Richard Hughes. The subsequent investigation identified leadership failings concerning security rather than a cyberattack. Rachel Reeves stated that she was transparent about her decisions and noted that the OBR indicated less fiscal space than initially expected.
