Startling economic signals show the UK’s finances under the microscope as Spring Statement coverage unfolds. Here’s a fully reworded, clearer version that preserves every key point while expanding a bit for beginners.
Spring Statement live: Rachel Reeves to provide an update on the UK economy
- Latest numbers on GDP, inflation, and employment released at 11:13 GMT Chancellor Rachel Reeves will deliver an update on the state of the UK economy in just over an hour. Officials and experts track several metrics to gauge financial health, including:
- Gross Domestic Product (GDP): the total value of economic activity from businesses, government, and residents. When GDP falls, the economy is contracting.
- The UK economy grew by 0.1% in the final quarter of 2025, according to the Office for National Statistics (ONS). That growth was softer than many economists expected.
- Inflation: the rate at which prices for goods and services rise over time. The ONS uses the past 12 months of price changes to measure inflation.
- UK prices rose by 3% in the year to January, down from 3.4% in December. Inflation remains above the Bank of England’s 2% target.
- Unemployment: this isn’t simply the number of people without work. To be counted as unemployed by the ONS, three conditions must be met: the person must be without work, available for work, and actively seeking work.
Unemployment reached its highest level in almost five years by the end of 2025, rising to 5.2% in the three months to December, up from 5.1% in the three months to November, according to the ONS.
Your finances today: key numbers to watch in Reeves’ statement, published at 10:58 GMT
Kevin Peachey, the BBC’s cost-of-living correspondent, notes that without new policy announcements from the chancellor, today centers on the data itself. Which figures matter most for your money?Inflation remains the headline figure, reflecting the cost of living. The Office for Budget Responsibility (OBR) will outline the expected pace of price changes.
One caveat: the effects of the US-Israeli conflict with Iran are not reflected in today’s numbers because the data were compiled before air strikes.
Average disposable income (earnings after tax) will signal how much households can spend in the coming years.
House prices are also likely to receive attention from the OBR.
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A health check of the Budget for the chancellor, published at 10:32 GMT
Faisal Islam, Economics editor, notes that against rising energy prices and volatile markets, Reeves will deliver today’s Spring Statement. The afternoon announcements will respond to the latest OBR health check on the British economy.Calmer markets may have helped lower government borrowing costs, but growth and job prospects are expected to have slowed.
The statement will include the first official assessment of the costs of recent policy changes, such as reductions in farm inheritance tax and business rates for pubs.
There will be no new policy announcements, even though some business and political voices call for a multi-pronged growth strategy.
The figures and projections take center stage, though developments in the Middle East may render some data outdated by publication.
Reeves to outline government’s economic plan in a challenging global environment, published at 10:19 GMT
In today’s Spring Statement, Reeves will argue that the government has the right economic plan for the UK amid increased global uncertainty. She will highlight efforts to reform the economy and invest in infrastructure, emphasizing growth that spreads across all regions rather than concentrating in a few areas.She will assert that policy decisions already made have built a stronger, more secure economy, with falling inflation and interest rates and better living standards for working people across Britain.
What is the Spring Statement and why does it matter? published at 10:10 GMT
The Spring Statement presents the latest OBR forecasts. These are released after Reeves’ Commons speech. The OBR is an independent body that monitors the government’s spending plans and performance and publishes forecasts twice a year.These forecasts show how the economy is expected to perform and whether the government is on track to meet its tax and spending rules, namely:
- Not borrowing to fund day-to-day public spending by the end of this Parliament
- Reducing the debt burden as a share of national income by the end of this Parliament
The OBR’s projections influence potential tax and spending adjustments if the government risks missing its rules.
Reeves to update on economic plans during Spring Statement, published at 10:06 GMT
Imogen James reports that Reeves will update the economy in the Spring Statement in the House of Commons at 12:30 GMT. A major policy shift isn’t expected, but Reeves will reiterate that the government’s prior decisions have produced a stronger, more secure economy.The latest growth, inflation, unemployment, government spending, and tax revenue estimates for the coming years will be released by the OBR after the statement.
Note that today’s forecasts will not incorporate any potential effects from a surge in oil prices due to recent strikes in the Middle East.
Why this matters for you
- Even though the Spring Statement is not a Budget, its forecasts can steer future tax and spending choices that affect your wallet.
- Stay with us for live updates and expert analysis on what Reeves’s statements could mean for your money, with ongoing coverage right at the top of the page.
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