Spring Statement 2026: Key points at a glance

Rachel Reeves has updated MPs on her economic plans, in a low-key statement that did not contain any major tax or spending measures.

It comes as the Office for Budget Responsibility (OBR) - which monitors the public finances – unveiled its latest forecasts for the UK economy.

Reeves conceded, however, that war in the Middle East meant the economic outlook has "become yet more uncertain".

Here is a summary of the main points.

• Predicted economic growth this year downgraded to 1.1%, down from 1.4% at the time of November's Budget
• The OBR now predicts growth of 1.6% in both 2027 and 2028, marginally higher than the 1.5% forecast last autumn
• UK unemployment forecast to increase to 5.3% this year, before falling gradually to 4.1% by 2030
• Inflation predicted to average 2.3% this year, before reaching the government's 2% target in 2027

• After a change she made last year, the OBR will wait for the Budget before assessing whether Reeves is on track to meet her tax and spending rules
• But her "headroom" against the rule not to borrow to fund day-to-day spending has increased from £21.7bn to £23.6bn
• Headroom against anther rule - to reduce government debt falling as a share of national income - has increased to £27.1bn, she says

• Average interest rates on existing mortgages predicted to rise from 4.1% this year to 4.5% by 2030, lower than estimated at the Budget
• UK housebuilding set to fall from an average of 260,000 a year in the early 2020s to 220,000 in 2026/27, before rising to 305,000 a year by 2030/31

• Net migration predicted to be 60,000 a year lower than in November, as more British nationals estimated to leave UK
• Overall net migration expected to fluctuate between 200,000 and 300,000 a year between now and the end of the decade

• A further watering down of plans to tax inherited farmland, announced in December, means the policy will raise £100m a year less, the OBR says
• January's softening of business rates for pubs and music venues in England will also cost the Treasury an extra £100m a year