MNI ANALYSIS: UK Spring Statement 2025 Preview

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• We look at key timings for the Spring Statement, DMO remit and DMO consultation agendas.
• We look at how fiscal headroom currently stands and where it stood in the Autumn.
• Without Chancellor Reeves making any changes, there will be an extra c. GBP15bln of headroom available to her next year due to a little noticed detail in the fiscal rules.
• We look at how defence spending could lead to additional headroom.
• We also look at the likelihood that Reeves is removed as Chancellor and what would happen to her fiscal rules.