Spring Forecast 2026

Spring Forecast delivered by the Chancellor, Rachel Reeves, on Tuesday 3 March. 

Unusually, the Chancellor chose Tuesday rather than the usual Wednesday to reveal the Spring Forecast – not a Spring Statement. The timing and branding were both deliberate measures to underline that her presentation was going to be no more than an update of last November’s numbers from the Office for Budget Responsibility. There were no hidden surprises.

Her speech stuck largely to that data update mission, with no new policy announcements. However, there was a promise to set out “three major choices that will determine the course of our economy” in her Mais lecture later this month.

In practice, the absence of any fresh tax initiatives does not mean there are no changes afoot. The new tax year from 6 April means many of the measures contained in the Autumn 2025 Budget and some from Autumn 2024 will start to take effect.

With the escalation of conflict in the Middle East over the last few days, it’s likely repercussions will affect both the latest projections and potentially planning for the next Budget.