Rachel Reeves faces a challenging task as she prepares to deliver her second economic update in less than two weeks. The recent unexpected slump in UK economic growth adds to her concerns, and upcoming inflation data may provide little comfort. Rising employer costs, energy prices, and other expenses are likely to push inflation higher.
Amid this backdrop, speculation is rife about what her announcement will entail — ranging from a routine economic update to a disguised full-scale Budget. Even the terminology remains debated, with some calling it a Spring Forecast, others a Spring Statement, and some opting for Mini-Budget.
What can we expect on the big day?
While the Treasury has indicated that a full-scale Budget is unlikely, we shouldn’t rule out the possibility of key consultations being announced — such as ISA simplification.
Cash ISAs have been a prominent topic leading up to this Spring Forecast, driven in part by comments from both Rachel Reeves and Treasury minister Emma Reynolds.
