As the 2026 Spring Forecast Statement on 3 March draws closer, business leaders, CEOs
and campaign groups across the UK have lobbied Chancellor Rachel Reeves to make
changes to tax policy and address some of the key issues affecting firms. Here, we
round up the latest Spring Forecast Statement speculation ahead of the big day.
Pre-Forecast announcements
Five major banks have agreed an £11 billion lending package aimed at SMEs to support
small business growth, the government recently announced. It says this represents an
'historic show of confidence in the UK economy' which will help boost investment.
Pubs and music venues in England were given a 15% discount on their business rates
bills from April 2026 and will not see increases for two years. The move came in
response to backlash against the 2025 Autumn Budget, which meant many saw increases
to their business rates bills as a consequence of the withdrawal of Covid-related
support from the UK hospitality industry.
This announcement was welcomed by the pub sector but has led for calls for the
measure to be extended further across the hospitality industry.
Priorities for business
The British Chambers of Commerce (BCC) recently said that businesses were 'hit hard'
in 2025 by the increase to National Insurance contributions (NICs), with many facing
further pressure brought on by rising labour costs.
Patrick Milnes, Head of People and Work Policy at the BCC, stated that businesses
want to see concrete action to reduce costs, boost exports and encourage investment
at the Spring Statement.
The Federation of Small Businesses (FSB) warned the government that it must 'do more'
to help restore confidence levels among small firms.
Late payments and cost pressures on small businesses and the self-employed have meant
pressure has 'built and built', the FSB said. Combined with margin pressures set to
hit in April, including higher business rates bills, increases to energy bills and a
higher National Living Wage (NLW), small firms face 'real danger', according to the
business group.
Additional requests
In addition to appeals from leading business groups, campaigns have been created
which urge the Chancellor to double the Income Tax threshold for state pensioners
and scrap the so-called 'holiday tax'.
A petition calling for the Chancellor to increase the Income Tax threshold has
received over 90,000 signatures. The current threshold sits at £12,570 – the
campaign urges the government to grant pensioners a separate tax code which would
permit them to earn £25,140 before having to pay tax.
Meanwhile, over 200 leading hospitality and leisure CEOs have called on the
government to abandon plans for a so-called 'holiday tax'. The Visitor Levy would
apply in England and would be applied to overnight stays in hotels, B&Bs,
guesthouses and holiday lets. The proposed Visitor Levy would mean that Brits would
face an extra £100 or more for a two-week holiday in the UK.
Keep up to date
Whatever changes are made we will be watching and will provide detailed analysis of
the day's announcements. Please return to this section following the announcement
for a full analysis.