Rachel Reeves to Deliver Spring Budget Forecast on 3 March 2026
The spring forecast budget date has been announced for 3 March 2026, when Rachel Reeves will deliver the spring forecast along with an accompanying Office for Budget Responsibility (OBR) forecast.
The Treasury has stated that there will be only one major fiscal event each year, with the spring forecast acting as an interim update. This update will not assess the government's performance against the fiscal mandate.
The previous spring statement featured welfare cuts, additional funding for construction training and defence, as well as measures targeting tax avoidance.
The 2026 spring budget is seen as a significant political event due to ongoing economic concerns and controversy stemming from the November budget, in which Reeves announced tax hikes. An extension to the freeze on tax thresholds announced last month prompted accusations that Labour's manifesto pledge not to raise taxes for working people was being broken.
In mid-September, the OBR informed Reeves that public finances were in better shape than widely believed; Reeves maintained she was upfront and denied misleading the public.
The OBR leak prior to the November budget led to the resignation of OBR head Richard Hughes amidst an investigation into leadership failings regarding security measures.
