Chancellor commissions OBR forecast ahead of spring statement
The forecast, published on March 26, will be accompanied by a statement from Rachel Reeves.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Chancellor has asked the Office for Budget Responsibility (OBR) to produce a new economic forecast, paving the way for a fiscal statement at the end of March.
In a written statement to Parliament, Rachel Reeves said she had asked the OBR to prepare an economic and fiscal forecast that will be published on March 26.
She added: “I intend to respond to the March forecast with a parliamentary statement.
“This is in line with my commitment to deliver one major fiscal event a year, to give families and businesses the stability and certainty they need and, in turn, to support the Government’s growth mission.”
The Chancellor’s March statement is unlikely to be a full budget, coming barely five months after the first one, but could be a “spring statement” either setting out minor changes or providing further details on spending plans.
The OBR is required by law to produce two forecasts each financial year, a requirement which the March forecast will fulfil.
The Government is also due to produce its multi-year spending review in 2025, although the exact date of publication remains uncertain.
But Ms Reeves has said the spending review will require Government departments to find efficiency savings amounting to 5% of spending, with the Treasury acknowledging this will mean “difficult” decisions.