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UK: Chancellor-'Will Set Out Any Necessary Changes' In Spring Statement

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Chancellor of the Exchequer Rachel Reeves has confirmed in an interview with Reuters that she will "be setting out any changes that are necessary" in UK fiscal policy in the Spring Statement she will deliver on 26 March. After a spike in UK borrowing costs amid declining fiscal headroom and a sclerotic growth outlook, Reeves has sought to downplay the pressure markets have put on the gov't finances, claiming "Just looking at what's happened year to date, we're in line with our peers to just look at bond yields," Reeves said. On the spike in yields earlier in the month, Reeves said: "It's not a UK phenomenon. It's not a targeting of the UK."

  • One area of policy that does look set to change is the non-domiciled tax status, which the Labour gov't altered in the October 2024 budget.   Natasha Clark at LPC posts on X: "As per reports from Davos, the Chancellor is set to relax some non dom transition arrangements announced in last year's Budget. There'll be an amendment to the finance bill on the "temporary repatriation facility" - not to extend the transition period, but to clarify what people can bring and how much, to the UK - to include ££ and other funds. Meaning they won't be taxed twice. Gov sources say this is a "tweak" not a "reversal"."
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Chancellor of the Exchequer Rachel Reeves has confirmed in an interview with Reuters that she will "be setting out any changes that are necessary" in UK fiscal policy in the Spring Statement she will deliver on 26 March. After a spike in UK borrowing costs amid declining fiscal headroom and a sclerotic growth outlook, Reeves has sought to downplay the pressure markets have put on the gov't finances, claiming "Just looking at what's happened year to date, we're in line with our peers to just look at bond yields," Reeves said. On the spike in yields earlier in the month, Reeves said: "It's not a UK phenomenon. It's not a targeting of the UK."

  • One area of policy that does look set to change is the non-domiciled tax status, which the Labour gov't altered in the October 2024 budget.   Natasha Clark at LPC posts on X: "As per reports from Davos, the Chancellor is set to relax some non dom transition arrangements announced in last year's Budget. There'll be an amendment to the finance bill on the "temporary repatriation facility" - not to extend the transition period, but to clarify what people can bring and how much, to the UK - to include ££ and other funds. Meaning they won't be taxed twice. Gov sources say this is a "tweak" not a "reversal"."