UK's Reeves Promises March Budget Adjustments if Needed
Finance Minister Rachel Reeves stated that changes may be announced in March if fiscal forecasts indicate the need, emphasizing spending cuts over tax increases to meet fiscal rules.
Published on March 31, 2025
British Finance Minister Rachel Reeves has reiterated that a review of fiscal policy may lead to adjustments in March, pending the Office for Budget Responsibility's forecast scheduled for March 26. The minister underlined that no premature actions would be taken, maintaining a firm stance on fiscal rules while expressing a clear preference for spending cuts rather than additional tax increases—following last year’s rise in national insurance contributions set to begin in April.
Recent updates have added context to the government’s commitment to fiscal discipline. Supplementary reports note that Reeves’ broader budget update, shared with parliament, included measures aimed at rebalancing spending and boosting key investments. While further details emerged about planned capital spending and targeted savings in areas like welfare and public services, the core promise remains unchanged: future steps will be taken only if fiscal rules demand them, ensuring economic stability in an uncertain global environment.