Wednesday’s UK Spring Statement will set 2025 agenda
It will be a key moment for the Labour government as it seeks to reset after a challenging first nine months in office
[LONDON] UK fiscal events relatively rarely hit the global headlines. However, last October’s annual Budget and this Wednesday’s (Mar 26) Spring Statement by Finance Minister Rachel Reeves are being much more closely watched than usual by international investors.
These fiscal events are the most important by any UK government in the post-Brexit era. This is not least in the context of ongoing economic uncertainty generated by US President Donald Trump’s tariffs.
The UK National Institute of Economic and Social Research estimates that the planned Trump tariffs could reduce UK economic growth by around 0.4 percentage point in the next two years. That’s the equivalent of around £24 billion (S$41.6 billion).
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