{"id":19552,"date":"2025-03-27T14:08:32","date_gmt":"2025-03-27T14:08:32","guid":{"rendered":"https:\/\/theprogenygroup.com\/knowledge-hub\/spring-statement-26-march-2025\/"},"modified":"2025-03-31T09:23:14","modified_gmt":"2025-03-31T09:23:14","slug":"spring-statement-26-march-2025","status":"publish","type":"post","link":"https:\/\/theprogenygroup.com\/en-sg\/knowledge-hub\/spring-statement-26-march-2025\/","title":{"rendered":"UK Spring Statement \u2013 March 2025"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>On 26<sup>th<\/sup> March 2025, Chancellor Rachel Reeves delivered her brief UK Spring Statement committing to her pledge to deliver one fiscal event a year. The Chancellor avoided any fresh tax measures and instead her focus was on tightening public spending.\u00a0<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means the Treasury\u2019s spotlight now turns to 11 June, when the deferred three-year spending review is due to be published. In the interim, underlining the swirl of economic uncertainty surrounding any forecast, 2 April is scheduled as \u201cLiberation Day\u201d in the US, when Donald Trump reveals his \u201creciprocal\u201d tariffs.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">UK <strong>ECONOMIC UPDATE&nbsp;<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">By the time Rachel Reeves presented her premiere UK Budget on 30 October there was already a sense of economic gloom. Her late July revelation of a \u00a322 billion \u2018black hole\u2019 in the public finances had cast a pall across the following three months as speculation mounted over how it would be filled.\u00a0\u00a0<\/p>\n\n\n\n<p class=\"has-primary-color has-text-color has-link-color wp-elements-3edfd4dbbcab735904d8aa8f6b0b1892 wp-block-paragraph\">The UK Autumn 2024 Budget arrived with UK growth having already slowed to just 0.2% in the three months to August, after the first quarter of the year had recorded a 0.7% rate. Nevertheless, the Office of Budget Responsibility (OBR) projected that in 2025 the economy would grow by 2.0% and only slow marginally to a 1.8% expansion in 2026. The Chancellor\u2019s UK Budget measures were projected to raise over \u00a340 billion a year in additional tax by 2029\/30, with over half coming from the increases to employers\u2019 National Insurance contributions.\u00a0\u00a0<\/p>\n\n\n\n<p class=\"has-primary-color has-text-color has-link-color wp-elements-6c4fe193cf5c5855b6a0f13daee29a08 wp-block-paragraph\">Reeves used the extra tax revenue, the OBR\u2019s assumed growth recovery and the borrowing relaxation provided by her new fiscal rules to increase spending by over \u00a370 billion a year. In doing so, she left herself only \u00a39.9 billion of headroom against her main 2029\/30 target of a balanced current UK budget.<\/p>\n\n\n\n<p class=\"has-primary-color has-text-color has-link-color wp-elements-9568e420f6eab01f0b16f1d962816a07 wp-block-paragraph\">In its <a href=\"https:\/\/obr.uk\/download\/economic-and-fiscal-outlook-october-2024\/?tmstv=1742662040\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Economic and Fiscal Outlook<\/a> (EFO) at the time, the OBR observed this was \u201c\u2026around one-third of the average headroom Chancellors have set aside against their fiscal targets\u201d since 2010.&nbsp;<\/p>\n\n\n\n<p class=\"has-primary-color has-text-color has-link-color wp-elements-5cbd5a66068ff1f8879af7c3985a6c99 wp-block-paragraph\">Since October, a combination of slower than projected growth and higher than projected interest rates have vindicated the OBR\u2019s subtle warning. The February government borrowing figures, released the week before the UK Statement, showed that with a month to go before the end of the financial year the deficit was already \u00a34.7 billion above the OBR\u2019s October projection for the whole of 2024\/25. Interest paid on government debt to date has exceeded \u00a380 billion.\u00a0\u00a0<\/p>\n\n\n\n<p class=\"has-primary-color has-text-color has-link-color wp-elements-960afe5987f9b8831cfbf34592d445a6 wp-block-paragraph\">In its newly published <a href=\"https:\/\/obr.uk\/docs\/dlm_uploads\/OBR_Economic_and_fiscal_outlook_March_2025.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">EFO for March<\/a>, the OBR has increased its projection of the budget deficit for the current year by \u00a39.8 billion. It has also altered its assumptions for the key UK economic factors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Growth is now projected to be 1.0% for 2025, half the previous projection. However, thereafter growth is projected to be higher in every future year of the forecast, with each of the three years from 2027 projected to have 0.2% higher growth.&nbsp;<\/li>\n\n\n\n<li>Average inflation in 2025 is projected to be 3.2% (formerly 2.6%) and 2.1% in 2026 (down from the previous 2.3% projection).&nbsp;<\/li>\n\n\n\n<li>Market gilt rates are projected to be 4.5% in 2025\/26 and 4.7% in 2026\/27, 0.4% higher for both years than in the October 2024 EFO.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>ANNOUNCEMENTS&nbsp;<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The net effect of the Chancellor\u2019s UK Spring Statement was to raise a projected \u00a314 billion in 2029\/30. However, Reeves not only talked about spending reductions in her speech, she also revealed fresh investment initiatives. For example:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The overall capital spending total for the Parliament was increased by \u00a313 billion, with the extra funds to be directed at growth-focused areas such as infrastructure, housing and defence innovation.&nbsp;<\/li>\n\n\n\n<li>The creation of a new \u00a33.25 billion Transformation Fund to support the reform of public services. Examples of the expenditure include \u00a38 million for new technology for the probation service, \u00a325 million for the fostering system and \u00a3150 million for \u201cgovernment employee exit schemes\u201d.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The main revenue raising measures, many of which had been trailed in recent days, included:<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-left has-medium-font-size\"><strong>Government spending<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">The pace of annual growth in government spending for 2025\/26\u20132029\/30 will be reduced by 0.1% in real terms to 1.2%. Government departments will reduce their administrative budgets by 15% by the end of the decade, creating projected savings of \u00a32.2 billion a year.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Welfare measures<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Personal Independence Payment (PIP) reform<\/strong>&nbsp; &#8211; From November 2026 for new claimants, and for existing claimants at their next award review following that date, a tougher qualification basis will apply. Claimants will need to score a minimum of four points in at least one activity to qualify for a daily living award. This change, alongside increased capacity for processing award reviews from April 2026, is projected to produce savings of over \u00a34.5 billion by 2029\/30.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Abandonment of Work Capability Assessment changes<\/strong>\u00a0 &#8211; The descriptor reforms to the Work Capability Assessment (WCA) announced at UK Autumn Statement 2023 that were due to take effect this year will be cancelled, at a cost of \u00a31,645 million in 2029\/30. From April 2026 WCA assessments will restart, generating savings of \u00a3355 million by 2029\/30.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Freezing the Universal Credit Health Element (UCHE)<\/strong>&nbsp; &#8211; From 2026\/27, the award rate of UCHE will be frozen for existing claimants and new claimants will receive a lower award of \u00a350 a week, also frozen. This freeze will last through to 2029\/30 and generate \u00a33 billion of savings in that year.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Universal Credit Standard Allowance: increase above inflation<\/strong>&nbsp; &#8211; In parallel with the changes to the Health Element, the Standard Allowance for Universal Credit will be uplifted above inflation for new and existing claimants, reaching CPI + 5% by April 2029. The cost of this will be nearly \u00a31.9 billion by 2029\/30.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Welfare fraud and error<\/strong>&nbsp; &#8211; Increased checks on potential Universal Credit claimants and the recruitment of 500 more fraud and error staff are together projected to produce \u00a3240 million of savings by 2029\/30.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Tax administration measures<\/strong> &amp; Changes<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax debt collection<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additional funding will be provided to increase HMRC debt management capacity by expanding the use of third-party debt collection agencies. In addition, HMRC will recruit an extra 500 compliance staff, starting in April 2025 and 600 more debt management staff, starting in April 2026. Together these moves are projected to raise an extra \u00a3810 million by 2029\/30.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Increase in late payment penalties<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Late payment penalties for VAT and Making Tax Digital (MTD) for income tax self assessment (ITSA) will increase from April 2025. The new rates will be:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>3% of the tax outstanding where tax is overdue by 15 days; plus&nbsp;&nbsp;<\/li>\n\n\n\n<li>3% where tax is overdue by 30 days; plus&nbsp;<\/li>\n\n\n\n<li>10% per annum where tax is overdue by 31 days or more.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The higher penalties are projected to raise \u00a3125 million by 2029\/30.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Expanded rollout of MTD for income tax self assessment<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From April 2028, MTD for ITSA will apply to taxpayers with trading or property income over \u00a320,000. The threshold from April 2026 is \u00a330,000. This is projected to generate \u00a3120 million in 2029\/30.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>High Income Child Benefit Charge (HICBC)&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From summer 2025, Child Benefit claimants (or their partners) who are employed and newly liable for HICBC will be able to pay the tax charge through Pay As You Earn (PAYE) without being required to submit a self assessment tax return.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Consultations<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consultation papers have been issued on: &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Behavioural penalty reform,<strong> <\/strong>covering HMRC inaccuracy and failure to notify penalties.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Enhancing HMRC\u2019s ability to tackle tax advisers facilitating noncompliance.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Closing in on promoters of marketed tax avoidance.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Advance Tax Certainty for Major Projects.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>R&amp;D reliefs advance clearances.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Exemption from Stamp Duty and Stamp Duty Reserve Tax for the Private Intermittent Securities and Capital Exchange System (PISCES).&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>ISAs<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Options for reforms of\u202fIndividual Savings Accounts &#8220;that get the balance right between cash and equities to earn better returns for savers&#8221; are being examined by the Treasury.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Home Office fees<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A range of Home Office fees will rise from 9 April 2025, including fees for Electronic Travel Authorisation (ETA), visas, sponsorship, immigration, nationality and passports. The level of increases ranges from 5% for some visas to 120% for Certificates of Sponsorship. These increases are projected to produce \u00a3400 million of additional income by 2029\/30.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-primary-color has-text-color has-link-color wp-elements-4b84ecb7f0100de20a166d3beca17541 wp-block-paragraph\">If you would like to discuss the latest UK fiscal measures and how they may impact your financial plan, <a href=\"https:\/\/theprogenygroup.com\/en-sg\/contact-us\/\">please get in touch with our team of planners and advisers.<\/a>\u00a0\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<style id=\"strategiq-disclaimer-style\">.block-disclaimer{padding-top:calc(1.6875rem + 5.25vw);padding-bottom:calc(1.6875rem + 5.25vw)}@media (min-width: 1200px){.block-disclaimer{padding-top:5.625rem}}@media (min-width: 1200px){.block-disclaimer{padding-bottom:5.625rem}}.block-disclaimer .heading{font-size:18px;text-transform:none;font-family:\"GeneralSans\",sans-serif;font-weight:normal;line-height:1.4;position:relative;padding-bottom:1.875rem;margin-bottom:2.5rem}@media only screen and (min-width: 320px){.block-disclaimer .heading{font-size:calc(18px + 0 * (100vw - 320px) \/ (1440 - 320))}}@media only screen and (min-width: 1440px){.block-disclaimer .heading{font-size:18px}}.block-disclaimer .heading:after{width:.625rem;height:.625rem;content:'';background-color:var(--text-color);position:absolute;bottom:3px;left:0;border-radius:.14063rem;-webkit-transform:translate3d(.125rem, 0, 0) rotate(45deg);transform:translate3d(.125rem, 0, 0) rotate(45deg)}\n\n\/*# sourceMappingURL=block-disclaimer.css.map *\/\n<\/style>\n<section class=\"block-disclaimer wp-block-strategiq-disclaimer has-background has-senary-light-background-color\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col-12 col-md-4 heading-col\">\n\t\t\t\t<h4 class=\"heading\" data-dsap>Please note<\/h4>\t\t\t<\/div>\n\t\t\t<div class=\"col-12 col-md-8 col-lg-6 content-col\">\n\t\t\t\t\t\t\t\t\t<div class=\"content-container\" data-dsap>\n\t\t\t\t\t\t<p><span data-contrast=\"auto\">This article is distributed for educational purposes only and should not be considered financial advice.<\/span> <span data-contrast=\"auto\">The opinions stated in this document are those of the author and do not necessarily represent the view of Progeny and should not be relied upon to make a financial decision.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.<\/span><\/p>\n<p><span data-contrast=\"auto\">The information provided within this guide is of a generic nature, which is not specific to your personal circumstances and should not be taken as advice or recommendation. Individuals must not rely on this information to make any financial or investment decision. Before making any decision, we recommend you consult your financial planner to consider your particular investment objectives, financial situation, and individual needs. Any tax treatment is dependent on the individual circumstances of each client and may be subject to change in future.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>On 26th March 2025, Chancellor Rachel Reeves delivered her brief UK Spring Statement committing to her pledge to deliver one fiscal event a year. The Chancellor avoided any fresh tax measures and instead her focus was on tightening public spending.\u00a0 This means the Treasury\u2019s spotlight now turns to 11 June, when the deferred three-year spending [&hellip;]<\/p>\n","protected":false},"author":50,"featured_media":19536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1416,1105,1470],"tags":[],"pg_document_service":[1120,1132],"pg_post_type":[],"post_compliance_type":[130,86],"class_list":["post-19552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning-en-sg","category-uncategorized-en-sg","category-tax-and-estate-planning-en-sg","post_compliance_type-progeny-law-tax","post_compliance_type-progeny-wealth"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK 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