On 26 March, Chancellor of the Exchequer Rachel Reeves delivered her Spring Statement unveiling updated economic forecasts from the Office for Budget Responsibility (OBR), announced further reductions to welfare spending and confirmation of a rise in defence spending.

The Chancellor reiterated her commitment to “just one major fiscal event a year,” with no further tax rises announced. Ms Reeves stated that her task was to “secure Britain’s future in a world that is changing before our eyes” adding that the government has “a serious plan for growth.”