On 3 March 2026, the Chancellor, Rachel Reeves, delivered the Spring Statement – the Government’s mid-year update on the UK’s economic outlook and public finances.
The event was light on new tax measures or spending changes, but focused on updated forecasts from the Office for Budget Responsibility (OBR) and reinforced the Government’s commitment to economic stability and predictability.
Key themes included a downgrade in expected economic growth for 2026, a modest rise in projected unemployment before a gradual decline, and a reaffirmation of the Government’s fiscal strategy amidst ongoing global uncertainty – particularly the impact of geopolitical tensions on energy prices and markets.
Chris George, Tax Advisory Partner commented
“While there were no big tax announcements in the Spring Statement, tax changes are still around the corner with many of the changes announced in the Autumn Budget coming into force from April. However with growth forecasts cut and unemployment predicted to rise further, the outlook for Owner Managed Businesses in the short term looks challenging especially with the unpredictable impact of global events.”
A full summary of what was included in the Spring Statement, and what this means for you and your finances is captured in the document below:
Sumer Group Spring Statement 2026
