Keep up to date with the latest updates impacting the sector by following this feed.
Chancellor Rachel Reeves will present the Statement in the House of Commons around midday today (Tuesday 3 March).
She is not expected to announce any key economic changes, in line with the Government’s commitment to deliver one major fiscal event a year at the Budget.
The Treasury previously said Reeves would provide an interim update on the economy and public finances. However, some reports this week have suggested the Chancellor could announce some minor tax changes.
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13:45PM: NTIA: Chancellor ‘disconnected from reality’
The Night Time Industries Association (NTIA) CEO Michael Kill has said today’s Statement offered no reassurance for the sector after two years of “relentless pressure”.
“Confidence is fragile. Margins are exhausted. Investment has stalled.
“At the same time, we are heading toward another energy price shock [and] the cost of daily living remains high”, he continued.
Kill added youth employment remains a serious concern and that business rates reform has provided little relief.
“Against this backdrop, talk of “stability and positivity” feels disconnected from the reality on the ground. Businesses do not need reassurance - they need decisive intervention.”
1:35PM: Reeves says Gov backs innovators
Labour MP for Birmingham Hodge Hill and Solihull North, Liam Byrne, asked Reeves if she would look again at what can be done to “back wealth creators” by reducing energy bills and reforming business rates.
The Chancellor responded: “We are backing innovators with the reforms made in the Budget last year to make it easier to list in London and raise finance in the UK.
“We have permanently changed business rates to have a lower multiplier on high street businesses and small businesses, particularly in the retail, hospitality and leisure sectors.
“We did that by putting £4.3bn into the system, all of that money would have been withdrawn by [the Conservatives].”
1:18PM: Sacha Lord: ‘Why does the Chancellor hate hospitality?’
Reacting to the Spring Statement, Night Time Industries Association (NTIA) chair Sacha Lord has taken to social media to criticise the lack of mention of hospitality in the address.
He said: “Why does this chancellor hate Hospitality so much? Not a single mention of it in the Spring Statement.
“And as for ‘helping young people’, her Budgets have cost the sector 120,000 jobs. The vast majority being young people.”
1:10PM: Stride notes hospitality job losses
Shadow Chancellor Sir Mel Stride has said increased taxes have damaged “entire sectors” within the economy.
He pointed specifically to job losses within the hospitality sector, which total over 100,000 since the Government came to office, particularly impacting young people.
“We are the party of work, they are the party of benefit street”, he later added, pledging to invest in apprenticeships.
1:08PM: Shadow Chancellor: ‘This is a surrender statement’
Responding to Reeves’ Statement, Tory Shadow Chancellor Sir Mel Stride said: “As our economy bleeds out what does the right honourable lady do? She comes to this house with nothing today and no plan unless of course doing nothing is a cunning plan to avoid doing U-turns down the line.
“She is weak. She has even stripped the OBR of its ability to assess whether she’s meeting her fiscal targets.
“Let it be remembered that in this chamber at this time of this week, a chaotic Government gave up on the British people. She has nothing to say. This is not a Spring Statement, it is a surrender statement.”
1:00PM: Reeves closes Statement
The Chancellor has now commended the 2026 Spring Statement to the house and closed her address. With little information announced for the hospitality sector, we will now be bringing you the latest reactions.
12:55PM: Chancellor commits to tackling youth unemployment
With the number of young people not in employment, training or education growing, Reeves highlighted the importance of helping those aged between 16 and 24 find work.
“This Government will not leave an entire generation of young people behind”, she pledged.
Under the Tories, the number of “inactive people reached record highs”, Reeves said, adding the Government is taking action to reform apprenticeships through its Youth Guarantee, with more plans to be set out in “the coming weeks”.
Voices from across the sector previously warned the increases to the national living wage (NLW) and national minimum wage (NMW) announced in the Budget would cost pubs thousands, discouraging them from employing young people and result in more job losses.
The latest figures from ONS showed unemployment levels in the UK rose to the highest rate in almost five years at the end of 2025.
12:46PM: GDP forecast to grow
Reeves has said the economy has been predicted to grow 1.1% in 2026 and by 1.6% in both 2027 and 2028, according to updates from the Office for Budget Responsivity (OBR).
“The OBR has adjusted the profile of GDP so that it grows slightly slower in 2026, and faster in 2027 and 2028.
“By the next election, after accounting for inflation, people are forecast to be £1,000 better off”, she added.
12:42PM: ‘Gov has restored economic stability’
The Chancellor began the Spring Statement by reaffirming the Government’s commitment to delivering one major fiscal address a year at the Budget, adding Labour’s policies have given “households and businesses the certainty they need”.
She continued: “The Office for Budget Responsibility (OBR) forecast shows our plan is the right one.
“Inflation is down and the economy is growing.
“This Government has restored economic stability.”
12:36PM: Reeves begins address
The Chancellor has taken to the podium to begin her address.
12:26PM: Chancellor departs No.11
The Chancellor is reportedly heading to the House of Commons to deliver the Spring Statement.
11:54AM: What was announced at the Budget?
At the Autumn Budget last year, the Chancellor announced a number of measures impacting pubs.
These included:
- Reforms to business rates
- Wage increases
- Rises to National Insurance Contributions (NICs)
- Inflation-linked hike to duty on alcohol
While Reeves is not expected to make any changes to these measures today, reports suggest she could share updates to certain tax policies, including around employment.
- Click here for a recap on the announcements made at the Autumn Budget
11:46AM: Recap of latest economic stats
The latest Gross Domestic Product (GDP) figures from the Office for National Statistics (ONS) showed the economy grew by 0.1% in the last three months of 2025, which was slightly slower than expected.
Meanwhile, the most recent inflation stats from ONS revealed the headline rate rose by 3% in the 12 months to January 2026, down from 3.4% in the 12 months to December 2025.
11:30AM: BII boss: ‘We need a level playing field’
With around an hour to go until Reeves begins her address, British Institute of Innkeeping (BII) CEO Steve Alton urged the Government to act swiftly to address the pressure faced by the sector.
He told The MA: “As we await the Chancellor’s Spring Statement, our members continue to face significant challenges to their pub businesses.
“Government needs to be in no doubt about the financial pressures pubs are facing in every community across the UK. The freezing of business rates bills over the next three years, for the majority of pubs is welcome, but does nothing more than put them back to the same place they were before last year’s Budget, with only one-in-three pubs profitable.
“The Government must urgently work to reduce the overall unfair cumulative tax burden that pubs have shouldered for far too long to ensure a fair and level playing field is achieved, allowing these vital community businesses to survive and thrive.”
11:10: Calls for VAT reduction
Multiple operator Tim Skinner told The MA a VAT reduction would give operators “breathing space”.
“Right now many pub operators are working 70–80 hour weeks just to stand still. A targeted VAT reduction isn’t about special treatment - it’s about breathing space", he said.
“Give independent hospitality oxygen and it will generate jobs, tax revenue and long-term growth. That’s how sustainable decisions become a lasting legacy.”
10:49AM: A note from the editor
As the sector prepares for the Spring Statement, The MA editor Ed Bedington has said: “While the industry has little expectations of any crumbs of comfort from Rachel Reeves, given her past performance, some signs the Government is taking the plight of the pub and hospitality sector seriously would be welcome.
“Particularly in light of the recent gaslighting from Dan Tomlinson, and the even more recent reports of one of her advisors saying ‘we don’t need any more restaurants’.”
9:43AM: Sacha Lord’s Statement wishlist
Ahead of the Statement, Night Time Industries Association (NTIA) chair Sacha Lord shared his six point plan to revive the hospitality sector, including reductions on VAT and energy bills and business rates reformation.
