Spring Statement Summary 2026
The purpose of the Spring Statement was to present the economic and fiscal forecast prepared by the Office for Budget Responsibility (OBR). Their report estimates economic growth, inflation, unemployment rates and other factors for the next five years, and discusses the effect on the government’s finances.
They note that significant risks could impact the UK economy – the conflict in the Middle East escalated as they were finalising their work, and could not be reflected in the calculations, but it is likely to have an impact on fuel prices and therefore inflation. That could affect the government’s financial ‘headroom’ and require more tax-raising in the next Budget.
This summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances.
At the back of the Summary you will find a calendar of the tax year with important deadline dates shown.
For further advice on any of the topics raised, please get in touch on 01903 234094.
