On Wednesday 26 March, the Chancellor Rachel Reeves, presented the Spring Statement alongside the latest economic forecast from the Office for Budget Responsibility (OBR).
There were no new tax policy announcements, however, a number of consultations were released, some of which had previously been announced at the Autumn Budget 2024. The consultations that are most likely to be of interest to taxpayers are those concerning Advanced Tax Certainty for Major Projects, and R&D Tax Relief Advance Clearances.
Reactions from our experts
Following the Chancellor Rachel Reeves' Spring Statement, PwC experts comment on the future economic outlook and changes to spending.
“Rachel Reeves course-corrected the Autumn Budget—and in doing so, road-tested the new fiscal rules for the first time. The Statement joins a wider international pivot amongst advanced economies toward more home-grown or domestic sources of growth… In short: investing in people, homes, and hard power. That’s the message coming out of the Spring Statement in a more unpredictable world.”
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