Johnathan Dudley, Head of Manufacturing and Corporate SMEs:

“The downgrade in growth forecasts and rising unemployment is worrying. Lower growth means lower tax revenues, and without tighter spending control something will eventually have to give. At the Make UK conference, there was strong emphasis on the economic boost that increased defence spending could deliver, but industry remains concerned about delays and a lack of visibility. With Treasury constraints still holding departments back, the question now is whether weaker growth could further delay the defence investment the sector has been promised.”

“Shifting global conditions and evolving energy prices highlight the need for stability and clear communication. Industry is ready to respond, but timely visibility from government will be key to maintaining confidence.”

Pete Fairchild, Partner, National Head of Private Clients:

“In the words of the Shadow Chancellor, ‘Is that it?’. What we heard today sounded more like a Party Political Broadcast than a Spring Statement. The Chancellor stated that stability is essential for economic growth. I agree, but wonder how that statement sounds against the backdrop of one fiscal U-turn after another. Perhaps it was not surprising, therefore, to see that the growth forecast is downgraded in 2026 to just 1.1%. Or that unemployment is predicted to rise this year. For me, the Spring Statement is a missed opportunity to put right some very odd and unfair situations that affect working people.”

Simon Crookston, Partner, Corporate Tax:

“The Chancellor repeated her ambition to ‘put more money in the pockets of working people’, yet with income tax and NIC thresholds frozen until 2031, more people will in fact be paying more tax – including an additional 600,000 pensioners in 2026/27, rising to one million by 2030/31.

“Against the backdrop of conflict in the Middle East and the likelihood of rising oil, gas and commodity prices, it’s disappointing that the Chancellor did not acknowledge the shifting global environment facing UK businesses. A targeted package of incentives and investment reliefs would have provided a meaningful boost to the UK’s 5.5 million private‑sector firms, and a reduction in corporation tax would also have been welcomed.”

Rob Janering, Partner, VAT:

“No major announcements were expected in today’s Spring Statement, and the Chancellor delivered accordingly. Retailers will welcome the suggestion that consumers may soon have more to spend on the High Street, but many will be disappointed by the lack of measures to ease rising costs.

“Even if the Spring Statement isn’t typically used for major policy changes, it still feels like a missed opportunity to support UK retail and hospitality through quick‑win actions such as reinstating VAT‑free shopping or reducing VAT for hospitality. With further detail on UK‑EU trading arrangements expected in the coming weeks, there may be a small glimmer of optimism. For now, businesses will have to carry on as they are – stability for some, but a continued absence of meaningful support for many.”

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Nicky Owen, Partner, Head of Professional Practices:

“If we want to grow the economy, we need to stimulate real investment in business. This isn’t just about tax policy – it’s about supporting the full lifecycle of running a business. Businesses are facing increasing challenges and heightened uncertainty. While many are doing their best to turn pressures into opportunities, the reality is clear: operating on a ‘business as usual’ basis is becoming significantly harder. We need an environment that empowers businesses to invest, innovate and thrive.”

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Robert Marchant, Partner, Head of Tax:

“A plan to “reshape the UK economy”, but economic growth remains stubbornly low and has been downgraded for this year. A record high tax burden, growing unemployment and probable inflationary pressures are all major obstacles to accelerating growth. Where were the measures to encourage investment from businesses? We have an Industrial Strategy but where are the policy measures to invest in these industries?”

“In the build up to the Spring Statement there has (rightly, in my opinion) been a lot of attention focused on the thresholds and cliff edges baked into the UK tax system. Another to be added to the list is the compulsory VAT registration threshold. A threshold of £90k limits the growth in our small businesses as they try to avoid the cliff edge of a 20% price jump.”