Spring Budget 2026 Date Confirmed as Rachel Reeves Prepares Key Economic Update
Chancellor to deliver spring forecast on 3 March amid scrutiny over taxes, growth and transparency
Spring Budget Date Officially Announced
Rachel Reeves will deliver her spring budget statement on 3 March 2026, the Treasury has confirmed. Officially known as the spring forecast, the announcement marks another important political moment as concerns persist over the UK economy and the fallout from last autumn’s budget.
The Treasury said Ms Reeves has formally asked the Office for Budget Responsibility (OBR) to prepare updated economic and fiscal forecasts for publication on the same day.
What Is the Spring Forecast?
The government has pledged to hold only one major fiscal event each year, scheduled for the autumn. As a result, the spring forecast will not include a full assessment of the government’s performance against its fiscal rules.
Instead, it will provide:
- An interim update on the UK economy
- Revised projections for public finances
- Analysis from the OBR on growth, borrowing and debt
Despite its limited scope, previous spring statements have still included major policy announcements, meaning expectations remain high.
Why the 2026 Spring Statement Matters
This year’s spring forecast comes at a sensitive time. The economy remains under pressure, and November’s budget sparked political controversy after the chancellor announced tax rises.
Ms Reeves faced criticism after extending the freeze on income tax thresholds, with opponents accusing her of breaking Labour’s manifesto pledge not to raise taxes for working people.
She was also challenged over claims that she failed to fully disclose the state of the public finances before the autumn budget, particularly after productivity forecasts were revised.
Dispute Over Budget Transparency
On budget day in November, it emerged that the OBR had informed the chancellor weeks earlier that the public finances were in better shape than many had expected. Critics said this undermined her warnings about limited fiscal headroom.
Ms Reeves rejected these claims, stating she had been transparent and that the figures still showed “less fiscal space than there was”, justifying her policy decisions.
These events have added to the political significance of the upcoming spring forecast, with renewed attention on how economic data is presented.
Focus on the OBR After Budget Leak
The OBR itself will also be under scrutiny. In November, details of the budget were accidentally published almost an hour before the chancellor addressed Parliament.
Following an investigation, the OBR confirmed the incident was caused by internal security and leadership failures rather than a cyberattack. Its chair, Richard Hughes, resigned shortly afterwards.
The spring forecast will be the watchdog’s first major test since that episode.
What to Expect Next
While no major tax changes are expected in March, investors, households and businesses will be watching closely for signals on economic growth, borrowing and future fiscal policy.
With political pressure mounting and confidence in economic management under the spotlight, the spring budget forecast on 3 March 2026 is set to be one of the most closely watched in recent years.
Sources: (SKY.com, HM Treasury)
