Chancellor Rachel Reeves will present the government's next major fiscal update, the Spring Forecast, on 3 March 2026, the Treasury has confirmed.
A Different Kind of Fiscal Event
The Treasury stated that, in line with a commitment to hold only one major fiscal event annually, the spring statement will not be a full budget. Instead, it will serve as an interim update, providing a snapshot of the economy and public finances without a formal assessment against the government's fiscal mandate.
However, the political stakes remain high. The announcement comes amid continuing public concern over the state of the UK economy and follows significant controversy surrounding Ms Reeves's Autumn Budget in November 2025, which featured tax increases.
Shadow of the November Budget
The Chancellor has faced sustained criticism for decisions made in her last budget. A key point of contention was her extension of the freeze on income tax thresholds, a move opponents labelled a breach of Labour's manifesto pledge not to raise taxes for working people.
Ms Reeves was also accused of misleading the public about the health of the nation's finances in the run-up to the November statement. She had repeatedly warned of a looming downgrade to productivity forecasts, but it later emerged that the Office for Budget Responsibility (OBR) had informed her in mid-September that the public finances were in better shape than widely believed.
The Chancellor denied any wrongdoing, stating she had been "upfront" and that the OBR data showed there was "less fiscal space than there was".
Scrutiny on the Budget Watchdog
All eyes will also be on the OBR during the March forecast, following a major security breach ahead of the November budget. The independent watchdog accidentally published details of the budget nearly an hour before Ms Reeves stood up in the House of Commons to deliver it.
The incident led to the resignation of OBR chairman Richard Hughes. An investigation concluded the early release was due to "leadership failings" over security protocols, rather than a malicious cyber attack.
For the upcoming Spring Forecast, Ms Reeves has formally requested the OBR to prepare its standard economic and fiscal forecast for publication on 3 March. Despite the interim nature of the event, history suggests it can still be significant; the last spring statement saw the announcement of welfare cuts, extra funding for defence and construction training, and a crackdown on tax avoidance.
The March date sets the stage for another crucial political moment for the Chancellor as she navigates persistent economic challenges and seeks to rebuild trust after a turbulent start to her tenure.
