Chancellor of the Exchequer, Rachel Reeves, delivered her first Spring Statement on Wednesday 26 March 2025.
In the run up to the event, the Chancellor reiterated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support the government’s growth mission’.
The Chancellor did meet her commitment that there would be no major tax announcements. Tax is of course only one side of the Government’s income/expenditure equation. The other is spending and the mildly gloomy economic news recently means that the public finances are looking a bit worse than at the time of the Autumn Budget. So, the Spring Statement confirmed a number of the measures recently announced, namely:
- cuts to the welfare state
- cuts to the civil service
- an increase in defence spending.
The wider-ranging Spending Review 2025, which will cover the next few years, remains ongoing.
A number of tax consultations were announced, and there were also announcements about the rollout of the Making Tax Digital (MTD) for Income Tax project.
As we are only a few days from the start of the next tax year, our summary also includes some of the previously announced tax changes which will soon be coming into effect.
▶ Download our Spring Statement Summary (PDF)
If you have any questions regarding the information covered in this summary, or would like advice on a particular area, please get in touch with either your usual contact or any of the UNW Tax partners. Contact details can be found on the final page of this summary PDF.