Spring Statement 2025

The Chancellor of the Exchequer, Rachel Reeves, has presented her Spring Statement, together with an update from the Office for Budget Responsibility’s Economic and Fiscal Forecast and its implications for the UK economy.

Despite an abundance of media speculation the Chancellor delivered a speech focussing on the economy with no major tax announcements. Against a backdrop of lower than expected economic growth, increased government borrowing costs and limited fiscal headroom the Chancellor confirmed welfare spending cuts; increases in defence spending, and measures focused on tackling tax avoidance and improving reporting.

Explore our recent State of the State research – combining citizen insights and views from over 80 public sector leaders shaping the future of public services, with a forward look to 2035.