On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament.
Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules that aim to bring stability to the economy and security for working people.
The headlines included downgraded growth forecasts from 2% to 1%, confirmation of increased defence spending, and tougher eligibility for personal independence payments. Plans were also set out to streamline the civil service, invest in affordable housing, tackle skills shortages in sectors like construction, and intensify the crackdown on tax evasion. A full spending review will follow on 11 June.
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s speech, please contact us.
