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Spring Statement 2025

On 26 March 2025, Chancellor Rachel Reeves will deliver the Spring Statement, accompanied by a forecast from the Office for Budget Responsibility. Read ICAEW's analysis and reaction.

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Insights

Chancellor must prioritise skills, tech and infrastructure

To kickstart economic growth the government needs to accelerate infrastructure projects, ensure access to skilled workers and support investment in new technologies, says ICAEW.
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Insights

UK’s long-term fiscal challenges debated with ICAEW

ICAEW yesterday (12 March) convened a high-powered roundtable with the Chair of the Public Accounts Committee, leading think-tanks and others to discuss the long-term fiscal challenges confronting the UK.
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Insights

Dark clouds over public finances as January falls short

A smaller-than-anticipated boost from self assessment tax receipts added to pressures on the public finances ahead of the Spring Forecast next month.
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Insights

Public finance woe as Chancellor battles to stay on track

The latest public sector finance figures from the Office of National Statistics are slightly worse than expected as the economy remains fragile.
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Insights and news

ICAEW calls for infrastructure acceleration to boost growth
  • Article
  • 11 Mar 2025
In its submission to the Spending Review 2025, ICAEW welcomes reforms to how public spending is managed, but says the government needs to go further and faster to deliver savings and maximise growth.
Policy alignment vital to UK growth plans, says ICAEW
  • Article
  • 05 Mar 2025
The government’s proposed Industrial Strategy is a positive approach, but unless there is greater alignment in policy areas such as tax and skills, growth will remain out of reach, warns ICAEW.
Economic update: why UK ‘stagflation’ risk is rising
  • Article
  • 21 Feb 2025
Underlying momentum in the UK economy remains weak despite a better than expected end to 2024. ICAEW’s Economies Director Suren Thiru discusses the implications.
The three levers for UK growth and how to trigger them
  • Article
  • 05 Feb 2025
ICAEW took part in a Fabian Society event that outlined the UK’s needs when it comes to stimulating growth. Several trends emerged from the discussions.
Public finance woe as Chancellor battles to stay on track
  • Article
  • 23 Jan 2025
The latest public sector finance figures from the Office of National Statistics are slightly worse than expected as the economy remains fragile.
ICAEW’s view on plans to charge IHT on pensions
  • Article
  • 27 Jan 2025
ICAEW is concerned that the proposed processes for bringing more pensions within the scope of inheritance tax (IHT) will cause delays in payouts to beneficiaries and place a significant administrative burden on pension scheme administrators (PSAs).
Autumn Budget aftershocks squeeze UK economy
  • Article
  • 22 Jan 2025
Economic update: the UK is struggling following a difficult Budget and turbulence in financial markets. ICAEW’s Economies Director Suren Thiru discusses the implications.
UK government launches plan to ramp up AI growth
  • Article
  • 14 Jan 2025
With its AI Opportunities Action Plan, the government intends to boost economic growth with enhanced AI adoption.

Letters to the government

ICAEW Letter to the Chancellor Spring Statement 2025
  • Representation
  • 14 Mar 2025
  • PDF (97kb)
A letter from ICAEW Chief Executive Alan Vallance to the Chancellor ahead of the Spring Statement on 26 March 2025.
ICAEW REP 025/25 10 Year Infrastructure Strategy
  • Representation
  • 04 Mar 2025
  • PDF (232kb)
A representation dated 4 March 2025 to a consultation published by HM Treasury on 26 January 2025.
ICAEW REP 021/25 Business and Trade Committee Inquiry: Industrial Strategy
  • Representation
  • 25 Feb 2025
  • PDF (181kb)
A representation dated 21 February 2025 to an inquiry published by the Business and Trade Committee on 29 January 2025.
ICAEW REP 016/25 Spending Review 2025
  • Representation
  • 10 Feb 2025
  • PDF (222kb)
A representation dated 9 February 2025 to a consultation published by HM Treasury on 12 December 2024.

Business Confidence Monitor

Budget drives dramatic drop in business confidence
  • Article
Confidence across all UK business sectors has plunged, according to ICAEW analysis, as concerns over last year’s Budget tax measures weigh heavily on the economy.
ICAEW Business Confidence Monitor
  • Hub page
Quarterly reports on the economy which provide useful insight for finance professionals and their clients.
UK Business Confidence Monitor: National
  • Report
The latest national Business Confidence Monitor (BCM) for Q4 2024 shows a significant decline in sentiment from the previous quarter, with confidence only just remaining positive, as businesses digest the implications of the proposed tax increases in the Autumn Budget and domestic sales growth eased.

Charts

Chart of the week: UK Regular Forces
  • Article
  • 21 Feb 2025
Our chart this week illustrates how soldier, sailor and aircrew numbers have fallen from 338,000 fifty years ago to a new low of 136,000 on 1 Jan 2025. Could this be the turning point now that defence spending is back on the agenda?
Chart of the week: Public finances per capita
  • Article
  • 17 Jan 2025
Our chart this week divides some very big numbers for the public finances by an estimated 69.2m people living in the UK to highlight how UK public spending is now in excess of £1,500 per person per month.
Chart of the week: Defence spending battle lines
  • Article
  • 10 Jan 2025
Our chart this week takes a dive into the £53.9bn Ministry of Defence expenditure in 2023/24 ahead of what is likely to be a charged debate about defence spending in the coming year.

Latest tax tables at your fingertips

Download the ICAEW Member app to access tax tables on the go. Updated after the Chancellor's Budget announcements to help you stay on top of changes. Just search for MyICAEW – it's available from the IOS App Store and Google Play.

 

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ICAEW member app tax tables

Further resources

Resources
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Economy

Expert analysis on the latest national and international economic issues and trends, and interviews with prominent voices across the finance industry alongside data on the state of economy.

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Resources
Analysis from ICAEW's experts on the Autumn Budget 2021 and the comprehensive spending review published on 27 October 2021.
Economy explainers

ICAEW experts offer simple guides to help understand the technical, economic jargon that is discussed when talking about public finances and the economy.

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Policy and public affairs
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Developing policy in the public interest

See the latest work from ICAEW's Public Affairs and Policy Teams to influence policy in the public interest. Read news and insights relating to our political engagement work at a regional, national and international level.

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