She has instructed the Office for Budget Responsibility (OBR) to prepare an economic and fiscal forecast to accompany the statement on the same day. However, the Treasury has confirmed there will be no formal assessment of the UK government’s performance against its fiscal mandate, adhering to its commitment to hold only one major fiscal event annually during the autumn.

Despite the UK government’s intention to keep the event low-key, analysts predict the statement will evolve beyond a simple progress report. Historical precedent suggests spring statements often include significant measures, such as welfare adjustments, crackdowns on tax avoidance, or extra funding for defence and construction. Political pressures are also evident, with upcoming elections in May likely driving Scottish Labour to seek substantial support from the Treasury to bolster their campaign.

The economic backdrop remains complex; while the Chancellor stated her November budget aimed to reduce inflation by 0.5 percentage points, businesses and economists are now eagerly looking for a pick-up in economic activity.

Ms Reeves also used the announcement to defend her record, firmly denying allegations that she misled the public regarding the state of public finances and insisting she has been transparent in her decision-making.