Rachel Reeves to Deliver Spring Budget Forecast on 3 March 2026
Rachel Reeves is scheduled to deliver the spring forecast on 3 March 2026. This forecast will be published alongside an economic and fiscal forecast prepared by the Office for Budget Responsibility (OBR). The spring forecast serves as an interim update rather than a full assessment of the government's fiscal mandate, as the government commits to holding one major fiscal event annually, the autumn budget.
The 2025 spring statement included measures such as welfare cuts, additional funding for construction training and defence, and a crackdown on tax avoidance. Reeves extended the freeze on tax thresholds, which drew criticism for allegedly breaking Labour's manifesto pledge not to raise taxes for working people.
In mid-September, the OBR reported that public finances were better than initially expected. However, Reeves indicated that although she was upfront about the OBR's figures, they ultimately showed less fiscal space available. Separately, the head of the OBR, Richard Hughes, resigned following an investigation that found leadership failings related to a security lapse. This breach allowed the early release of November budget details and was not attributed to a malicious cyberattack.
