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What Rachel Reeves could announce in spring forecast
Rachel Reeves has insisted her spring forecast will be a quiet affair as she wants the autumn budget to be the sole major fiscal event of the year.
The chancellor will deliver her financial update on the afternoon of 3 March in the House of Commons. An exact time has yet to be confirmed, but she is only expected to speak for about 20 minutes, compared with an hour for a budget.
Last November's budget was preceded by much speculation, followed by announcements of large tax rises, bringing tax as a share of GDP to an all-time high. But Ms Reeves and the Treasury have said the spring forecast - rebranded from the spring budget - will be low-key and no major announcements will be made.
She is not even expected to carry her forecast in her famous red box. Despite it not being a "major" event, the spring forecast can influence the government over whether to raise or cut future taxes and spending.
Will the OBR be involved in the spring forecast? Ms Reeves will outline the latest economic forecasts from the Office for Budget Responsibility (OBR) - which will then be published after the chancellor has delivered her speech. So, despite it being "low-key.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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