You could be forgiven for thinking it’s some kind of long-term weather forecast, telling us how rainy or sunny it’s going to be this Spring, but you’d be wrong. 

It’s the name attributed to Chancellor Rachel Reeves’ second economic and fiscal statement, due to take place in the House of Commons on Wednesday 26th March. Under the previous Government, it was also known as the Spring Statement.   

In 2016, Philip Hammond, as Chancellor, announced that there would be just one full fiscal event per year – in the Autumn. Whilst successive Chancellors have tried to stick to this approach (with varying degrees of success), some Spring Statements have been quite juicy affairs. However, Rachel Reeves has confirmed that her second fiscal statement will be a less significant event, providing an overview of the economic health of the UK and an update on fiscal plans.  

What can we expect on 26th March? 

It’s never a good idea to try and second guess the Chancellor. History tells us that rabbits have a habit of being released from proverbial hats and many Chancellors have sought to make off-the-wall announcements or unexpected tweaks to fiscal policy to soften the impact of unpopular decisions and avoid negative headlines.  

Since it was announced in last year’s Autumn Statement, the proposed increase in Employer National Insurance Contributions (NICs), due to take effect on 6th April 2025, has attracted considerable criticism from the business community. The tax increase has been criticised for having a disproportionately damaging effect on businesses where labour costs represent a large proportion of operating costs, such as the hospitality and leisure industry. Despite the controversial nature of this planned tax hike, the general consensus from economists is that economic growth will be restored in 2025, buoyed by an increase in Government and consumer spending.  

Based on this, we could probably take a punt that the Chancellor sticks to her guns and does nothing to soften the controversial tax increase. We’ll have to wait and see. 

Carry on PR 

For those involved in the world of B2B PR, any economic and fiscal statement, regardless of the season, is an ‘event’. 

Many businesses believe it’s important to engage with Government policy decisions, whatever they might be and regardless of how they might affect their industry sector. As such, manufacturers, services businesses, construction companies and tech innovators will all be interested in what the Chancellor has to say.  

For in-house PR teams and agencies, this means planning ahead by promoting a ‘wish list’ of measures before the day, reacting to announcements on the day and pushing out media comments far and wide.  

While getting content out there in a timely fashion is essential to secure media coverage for clients, it’s equally important to ensure that experts are saying something that is genuinely new and different. Expert comments need to be pithy, powerful and persuasive, and come from a position of real industry insight.  

It’s not all about media – strong comments can be adapted and repurposed for social media channels, newsletters, bulletins and website content – aiding the business’ positioning as an authority. 

Knowing who to contact 

It is nigh on impossible to speak to journalists on the day of the Spring Forecast, so PR teams should do their research beforehand where possible. Tapping up contacts at national newspapers to find out who is the best person to contact with expert commentary on a specific point of interest, can be a worthwhile strategy.  

One step ahead 

Another strategy that can work wonders for targeting specific industry sectors is to pre-agree opportunities for expert articles reflecting on the Spring Forecast and anything that might come from it. These can sometimes be agreed with editors in advance and briefing calls set up with experts before the Chancellor has even stood up to give her statement. 

Managing expectations 

Securing coverage for B2B clients on the day, or in the days that follow, is not easy. There is a good deal of competition from experts across industry sectors. When it comes to securing high value media results, the most successful experts are likely to be those with economic or fiscal expertise, such as economists and tax accountants, but lawyers and industry spokespeople can also secure some excellent results. By managing the client’s expectations in advance, PR teams can bank on a positive Spring Forecast outcome. 

Do you need corporate comms support ahead of the Spring Statement? Why not get in touch with our team for advice on planning ahead of announcements.