Cookies on the Attwoods website

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the Attwoods website.

Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |2025 Spring Statement - the economic picture

Latest news

Browse by category
Business News

2025 Spring Statement - the economic picture

March 26 2025

Within her Spring Statement speech, Chancellor Rachel Reeves revealed that the Office for Budget Responsibility (OBR) has halved UK economic growth from 2% in October 2024 to 1% in 2025.

However, the OBR has also upgraded longer term growth estimates for 2026 and every year thereafter. The OBR anticipates Gross Domestic Product (GDP) growth of 1.9% in 2026; 1.8% in 2027; 1.7% in 2028; and 1.8% in 2029.

The Chancellor said that by the end of the forecast, the UK economy will be larger compared to the OBR's forecast at the time of the Budget in October.

In its latest forecast, the OBR said that inflation will average 3.2% in 2025, and will subsequently 'fall rapidly' to 2.1% in 2026 and reach the Bank of England's target of 2% in 2027.

Ms Reeves also stated that increased borrowing costs put budget rules 'at risk'. According to the OBR's latest forecast, the current budget would have been in deficit by £4.1 billion in 2029/30 – in the Autumn of 2024, it was forecast to be in surplus by £9.9 billion.

The Chancellor stated she has 'restored in full our headroom', moving from a deficit of £36.1 billion in 2025/26 to a surplus of £9.9 billion by 2029/30.

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.