Spring Statement 2025
- Uncategorised
- .
- March 27, 2025
No Tax Changes in Spring Statement
The Chancellor, Rachel Reeves gave her Spring Statement and kept her promise to make no major tax changes so there weren’t really any surprises, although there were no tax changes, the Chancellor did emphasise HMRCs “crack down on tax avoidance”, explaining that this crack down will raise a further £1bn in total revenue. She revealed that the government will continue to invest in “cutting-edge technology”.
Growth predictions has halved from forecast by the Office for Budget Responsibility (OBR) from 2% to 1% for this year with Reeves emphasising how the “world has changed”, but this is predicted to rise in the following years.
Reeves has restored the full headroom through direct savings from welfare reforms and the reduction in day-to-day departmental spending and an indirect boost to receipts from planning reforms.