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Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025.
Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025. In the run up to the event, the Chancellor stated that she 'remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support the government's growth mission'.
The Chancellor did meet her commitment that there would be no major tax announcements but tax is only one side of the equation. The other is spending and the Spring Statement confirmed a number of the measures recently announced, namely:
There were also announcements about the rollout of the Making Tax Digital (MTD) for Income Tax project.
Following the 2025 Spending Review, experts have warned that Chancellor Rachel Reeves will have to raise taxes in the Autumn Budget to fill a shortfall of up to £23 billion.
The UK economy contracted by 0.3% in April as tax increases kicked in and exporters faced uncertainty over US trade tariffs.
The government must 'make every taxpayer pound count' in the Spending Review, the Federation of Small Businesses (FSB) has warned.