Spring Statement 2025
Chancellor Rachel Reeves delivered her Budget on Wednesday 26 March 2025. She pledged ‘Security for working people and renewal for our country. That is our mission. And in a changing world we will deliver’.
Reeves says world 'is changing before our eyes', and government must respond
Reeves says Labour was elected to bring change to the country, to provide security to working people and to deliver a decade of national renewal. But now the task “is to secure Britain’s future in a world that is changing before our eyes”.
The chancellor's statement is not a formal budget - as Labour pledged to only deliver one per year - but rather an update on the economy and any progress since her fiscal statement last October.
Office for Budget Responsibility has warned that Britain’s economic and fiscal outlook has become “more challenging since the Autumn Budget”, in its official verdict on the economy – and the spring statement.
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