Few surprises, but lasting implications.

The Chancellor opened the Spring Forecast by saying that the government has “the right economic plan for our country.”

In truth, the Forecast was never intended to be a second Budget. The government has been clear that it wishes to operate a single major fiscal event each year, with the Autumn Budget acting as the primary vehicle for tax policy.

The Spring Forecast therefore served largely as an economic update rather than an occasion for major tax announcements. That expectation proved accurate. There were no new headline tax increases and no significant structural reforms introduced. However, the absence of new announcements should not be mistaken for a benign tax environment. The most significant changes affecting businesses and private clients were announced in the Autumn Budget and are now moving steadily towards implementation.

The Spring Forecast therefore acts less as a moment of policy change and more as a confirmation of the direction of travel. This update should be read alongside our Autumn Budget 2025 guide. The framework remains broadly the same, but the practical implications are becoming clearer.

Note: This update should be read alongside our Autumn Budget 2025 guide. The framework remains broadly the same, but the practical implications are becoming clearer.