The Spring Statement Live: Rachel Reeves to Provide an Update on the UK Economy
The latest GDP, inflation, and employment figures will be released at 11:13 GMT, offering a comprehensive overview of the UK's economic health.
Rachel Reeves, the Chancellor, will deliver a crucial update in just over an hour, shedding light on the nation's financial well-being. Understanding the economy's performance is vital, as it involves various key metrics that officials and experts analyze.
One of the primary indicators is Gross Domestic Product (GDP), which measures the economic activities of companies, governments, and individuals. A falling GDP indicates a shrinking economy. According to the Office for National Statistics (ONS), the UK economy grew by 0.1% in the last three months of 2025, slightly slower than expected.
Inflation, another critical metric, refers to the sustained increase in the price of goods and services over time. The ONS monitors price changes over 12 months to calculate inflation. In the UK, prices rose by 3% in the year ending January, down from 3.4% in December, keeping inflation above the Bank of England's 2% target.
The unemployment rate is not just about people without jobs. To meet the ONS definition, individuals must be without work, available for employment, and actively seeking jobs. Unsurprisingly, UK unemployment rose to its highest rate in nearly five years at the end of 2025, reaching 5.2% in the three months to December, according to the ONS.
Today's Spring Statement is all about the data, with no new policies expected from the Chancellor. Key numbers to watch include average disposable income, which indicates people's spending power after tax, and house prices, which will be discussed by the OBR.
The Spring Statement is a crucial event, as it outlines the latest economic forecasts from the Office for Budget Responsibility (OBR). These forecasts, released after Reeves' speech, provide insights into the economy's expected performance and the government's adherence to tax and spending rules.
The OBR's role is significant, as it monitors the government's spending plans and produces forecasts twice a year. These forecasts are essential because the government may adjust spending or taxes if it risks not meeting its financial rules.
Despite the absence of major policy announcements, the Spring Statement is vital, as it influences future government decisions on tax and spending. The latest updates and analysis will be provided, offering valuable insights into the UK economy and its potential impact on personal finances.
