What is the Spring Statement?

The law requires that the Office of Budget Responsibility (OBR) publishes two economic forecasts each year.

In theory, this means one budget is held each year, although it has not been uncommon for a second budget to be held following elections or in times of crisis. Chancellor Rachel Reeves has committed to holding one budget a year, after holding her first budget in October 2024. In practice, most Chancellors elect to have two fiscal events a year to grant them greater headroom on taxation and spending announcements.

The budget is one of the two economic forecasts, with the other being the ‘Spring Statement’, which this year has taken place on March 26, 2025. The Chancellor spoke to Parliament on 26th March, presenting the main findings of the forecast and making the Government’s Spring Statement on fiscal policy. Following her speech, the Shadow Chancellor Mel Stride, spoke in response.

The Chancellor has committed to just one major economic event each year, being the Budget which will take place this year – 2025 – in the Autumn.

Download GovConnex's full Spring Statement Brief to read more.