What was in Rachel Reeves's Spring Forecast?

In her Spring Forecast, the chancellor told the Commons that people will be £1,000 better off a year by the next election.

“I can confirm that GDP per person is set to grow more than was expected in the autumn, with growth of 5.6% over the course of this parliament," said Ms Reeves.

“And by the next election, after accounting for inflation, people are forecast to be £1,000 better off per year. We promised change and we are delivering that change.”

Here is a breakdown of what was in the Spring Forecast for 2026.

What was in Rachel Reeves's Spring Forecast 2026?

Rachel Reeves insisted that she has the “right economic plan” for the UK despite the OBR's forecast.

She said: “This Government has the right economic plan for our country, a plan that is even more important in a world that in the last few days has become yet more uncertain.”

She added: “The new forecasts from the Office for Budget Responsibility confirm that our plan is the right one – inflation is down, borrowing is down, living standards are up and the economy is growing.”

The chancellor said the changes in GDP forecast took account of a fall in net migration and said average growth across the next five years was “largely unchanged” despite this year’s downgrade.

“But I am not yet satisfied with these forecasts,” she said, acknowledging “the economy is not yet working for everyone”.

The OBR said entrants into the labour force were “struggling to find work amid subdued hiring demand”.

The statement did not include any tax and spending changes, after Ms Reeves committed to delivering just a single budget a year.

Shadow chancellor Sir Mel Stride called it a “surrender statement” saying: “As our economy bleeds out, what does (the Chancellor) do? She comes to this house with nothing to say and with no plan, unless of course doing nothing is a cunning plan to avoid those U-turns further down the line.”