UK chancellor plans spring forecast for March

LONDON — Chancellor Rachel Reeves will make a statement responding to new assessments of the U.K.’s finances on March 3, the U.K. Treasury said on Monday.

In a statement, the Treasury said it had asked the U.K.’s independent fiscal watchdog, the Office for Budget Responsibility (OBR), to prepare an economic and fiscal forecast for that date.

However, it said the forecast will “not make an assessment of the government’s performance against the fiscal mandate and will instead provide an interim update on the economy and public finances.”

“This approach gives families and businesses the stability and certainty they need and supports the government’s growth mission,” it said.

The Labour government has previously said it intends to only hold one “major fiscal event” per year. However, a worsening financial outlook forced the chancellor into announcing significant tax and spending changes at last year’s spring statement.

At the most recent government-wide budget in November, Reeves increased taxes by a further £22 billion per year. She refused to rule out further tax increases in an interview last week.