The Office for Budget Responsibility’s (OBR) update, the Chancellor’s response, and what comes next.
The Chancellor Rt Hon Rachel Reeves MP delivered the Spring Statement on 26 March, responding to the latest Office for Budget Responsibility (OBR) fiscal and economic update. As expected, the OBR downgraded its growth forecast for this year to 1.0% (down from 2.0% forecast before the Autumn Budget) and the Chancellor responded by announcing a series of spending changes designed to modernise public services, reform welfare, and meet her non-negotiable fiscal rules.
Importantly, the Chancellor backed up her commitment made at our Annual Conference in November not to raise the business burden further. Members are already facing a difficult few months with the National Insurance Contributions (NICs) and National Living Wage increases to come on 1 April, and further work is required to find an appropriate landing zone for the Employment Rights Bill to mitigate additional costs to business.
Needing to go further and faster on growth in a changing world, the Chancellor announced sever
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