IOM3 responds to Spring Budget 2025
Chancellor Rachel Reeves has today (26 March) presented her plans for the economy to Parliament in the 2025 Spring Budget.
On Wednesday, 26 March, Chancellor of the Exchequer Rachel Reeves delivered her first Spring Statement, and the Office for Budget Responsibility (OBR) simultaneously published the Spring Forecast.
This statement, rather than a full budget, was an update on last year's Autumn Budget.
Matters relevant to IOM3 members’ work announced in the budget include the following:
Research and Development
- £3.25bn of investment proposed for a new Transformation Fund to boost the UK's public sector innovation
Investment
- Increase in capital spending of £2bn per year to drive growth
- £2.2bn additional investment in the UK's defence from next year, with more information in the upcoming Spending Review
Planning & growth
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The OBR predicts that the Chancellor's planning reforms can increase the level of real GDP by 0.2% in 2029-30
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Growth-focused policies are also proposed to bring in an extra £3.4bn to support public services by 2029-30
IOM3 CEO Dr Colin Church CEnv FIMMM said, 'A long-term strategy for growth and continued investment is promising. With looming uncertainty and tariffs, however, it is important to focus on the UK's industries and infrastructure that will make a low-carbon energy transition possible in the future. This includes measures to reduce our exposure to supply chain volatility by maximising the benefit of materials we already have here, whether by domestic mining or greater circularity.'
Read the Spring Statement 2025
This Spring Statement indicates the government's direction for the upcoming spending review in June 2025.
Materials, Minerals & Mining for People, Places, Planet
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