Spring Statement 2025: What to Expect According to Ryan Experts

On Wednesday, 26 March, Chancellor Rachel Reeves will deliver her Spring Statement. Our experts from Ryan share their perspectives on what businesses should expect and what the government should prioritise to support economic growth. 

Economic Update Rather Than Tax Revolution 

Tom Shave, President of Europe and Asia-Pacific (EAP) division at Ryan, said:

“Given the number of changes the Chancellor made in the Autumn Statement at the end of 2024, we’re not expecting a huge number of tax-specific announcements from the upcoming statement. It will likely be more of an economic update focused on spending cuts rather than tax changes. 

“The key questions are, what are the unintended consequences of changes made six months ago, and what additional support, if any, is needed for businesses to navigate ongoing economic pressures? 

“With mounting pressure on UK businesses, from rising costs to international trade uncertainty, many are finding it increasingly difficult to manage costs and the uncertain business environment. Meaningful action is needed to ease the burden of taxation on businesses along with more growth-associated measures. 

“We hope for a clearer roadmap from the government, not just on tax, but also to develop a more supportive environment for businesses and investment in the UK. The UK should be a place where businesses can thrive and drive economic recovery, and without further incentives to invest and operate in the UK, we risk stalling economic momentum and resilience.” 

R&D Scheme Reforms Needed to Reignite Innovation 

Nigel Holmes, Director, Research and Development at Ryan, said:

“The high-volume approach to tackling fraud and error in R&D schemes has resulted in a significant drop in claims, which has had a chilling effect on innovation funding. Many genuine claimants, even major firms and those with complex projects, are pulling back from claiming and significantly scaling down their engagement with the scheme. 

“It has not only driven out the bad claims but has also discouraged many businesses from applying for funding to support their innovation and growth. 

“The upcoming Spring Statement offers an opportunity for the government to reaffirm its commitment to innovation by addressing these unintended consequences. We welcome a clear message from Rachel Reeves so that the focus will shift from regulatory deterrence to proactive support, encouraging businesses to invest in innovation and ensuring the UK remains a hub for research and development.” 

Business Preparedness in an Uncertain Climate 

Charlie Precious, Principal and Client Services Leader at Ryan, said:

“The combination of rising costs, tax burdens, and global economic uncertainty is making it hard for UK businesses to plan for the future. 

“With national insurance increasing and international trade concerns growing, particularly the threat of increased tariffs from the U.S., cash flow and reassessment of financial strategy are more important than ever for business resilience. 

“Businesses aren’t just looking for short-term fixes, they need long-term clarity. If the Spring Statement doesn’t provide the relief many are looking for, we urge UK firms to be proactive in managing their tax strategies and make full use of any available tax reliefs, incentives, and financial planning tools to stay competitive, rather than waiting for government action to catch up with their challenges. 

“We urge the government to recognise these pressures and offer businesses a clear framework for navigating the next 12 months to ensure tax policy supports business growth.”  

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