economy
March 3, 2026
UK finance minister delivers economic update in the Spring Statement
Economists didn't expect any major policy announcements as the government prioritizes its "Autumn Budget" as the main fiscal event of the year.
TL;DR
- UK Finance Minister Rachel Reeves delivered an update on the economy and public finances.
- Growth forecasts for the year have been lowered from previous expectations.
- Reeves asserted that the government has restored economic stability, citing reduced inflation and borrowing, and increased living standards.
- The Office for Budget Responsibility (OBR) revised its inflation and growth forecasts.
- The OBR forecasts 1.1% growth for 2026, down from 1.4%, but slightly increased forecasts for 2027 and 2028.
- Expected government borrowing has been revised downwards by £18 billion.
- The government is reportedly on track to meet its main borrowing target by 2029/2030 with a surplus of £23.6 billion.
- Global uncertainty, including the conflict in the Middle East, was noted as a significant risk factor.
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