What time is Rachel Reeves Spring Statement? How long will Chancellor's Budget 2025 announcement last, how to watch, TV channel - and what will be in it

The chancellor will also deliver an economic forecast as part of the event, with many predicting further spending cuts to come as the Treasury seeks to tackle ailing growth. Ms Reeves will make the statement today (Wednesday 26 March).

There are no major policy announcements expected as part of the statement, although some have predicted that reduced spending targets and some key tax changes will be revealed. She will deliver the Spring Statement on Wednesday 26 March at around 12.30pm.

Before the statement, the Office for Budget Responsibility (OBR) will publish its forecast on the UK economy. The public body has a newly-empowered role following Labour’s 2024 election win, with the party pledging to make every significant fiscal event subject to an OBR forecast.

This manifesto pledge came in response to the ‘mini-budget’ announced by Liz Truss just weeks into her record short tenure as prime minister. This sudden raft of tax-cutting policy measures sent the markets into turmoil, prompting Labour to pledge it would ensure “stability” was a priority when deciding economic policy.

The chancellor will then present the main findings to parliament, delivering her plans for the economy alongside this. The opposition will be given the first response, which will likely come from Conservative leader Kemi Badenoch or shadow chancellor Mel Stride.

It has been understood that Ms Reeves will announce major cuts on 26 March, which could amount to billions across several Whitehall departments. There could be as much as 7 per cent taken from the budgets of some departments over the next four years, The Guardian reports.

There has also been speculation that the chancellor may look to effectively increase taxation through extending the freeze on income tax thresholds beyond the current 2028/29 end point. Since 2021, the personal allowance has been frozen at £12,570, with the basic, higher and additional rate also staying at the same level. The effect of this is what economists call “fiscal drag,” where more people are pulled into higher tax brackets as their earnings increase, but the thresholds stay the same.

The chancellor may also take the Spring Statement as an opportunity to clarify how international aid spending will be reallocated to defence, following Labour’s decision to boost defence spending to 2.5 per cent by 2027. Coverage of the spring statement can be found on BBC Two as part of a Politics Live special, while ITV1 will screen it as an ITV News special beginning at 12.15pm.

Sky News will also broadcast live coverage of the event. The announcement will usually last for just over an hour.