Tune in to this episode for a deep dive into the upcoming Spring Statement 2025, where the Chancellor will respond to the latest economic and public finances forecast from the independent Office for Budget Responsibility (OBR), due on 26 March 2025. While the Spring Statement was initially expected to be a response to the OBR's forecast, there's speculation about potential announcements on spending and possibly tax to ensure the government meets its fiscal rules.

We unpack the international and economic backdrop, including the impact of the Trump administration's trade policies and the UK's increasing defence spending following President Trump's stance on Russia and NATO. We also examine the modest UK economic growth since mid-2024 and concerns voiced by business groups regarding upcoming tax increases and the rise in the minimum wage in April. The OBR is likely to lower its GDP growth forecast for 2025. 

We also delve into the UK's fiscal rules, which focus on the current budget and public sector net financial liabilities (PSNFL). 

Key Takeaways:

• The Spring Statement 2025 on 26 March will see the Chancellor respond to the latest OBR economic forecast.
• There is speculation that new spending and tax policies might be announced to ensure the government meets its fiscal rules for 2029/30.
• The UK economy has experienced modest growth, and business sentiment has weakened due to upcoming tax and wage increases. The OBR is expected to lower its GDP growth forecast.
• The government's fiscal rules require a current budget surplus and falling public sector net financial liabilities as a percentage of GDP by 2029/30. These were met with small margins in the previous forecast.
• Several factors, including higher interest rates and potentially lower economic growth, could put pressure on the Chancellor's headroom against the fiscal rules.
• The government is undertaking a Spending Review, with phase 2 concluding in June 2025.
• Changes to employer NI contributions, personal tax threshold freezes, and increases to inflation-linked benefits and the National Minimum Wage are set to take effect in April 2025.

Source:

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No outside chatter: source material only taken from Hansard and the Parliament UK website.

Contains Parliamentary information repurposed under the Open Parliament Licence v3.0...

This episode of 'The Bench Report' delves into the passionate and moving debate surrounding the Rare Cancers Bill, a crucial piece of legislation aiming to address the disparities faced by individuals diagnosed with less common cancers.

Discover why so-called "rare" cancers collectively account for nearly half of all cancer diagnoses and over half of cancer-related deaths, yet often receive disproportionately less attention and funding. 

We explore the key measures of the Bill and the overwhelming cross-party support for its potential to transform the lives of patients and their families, offering a beacon of hope in the face of devastating diseases like glioblastoma, pancreatic cancer, and rare childhood cancers.

Key Takeaways:

• "Rare" cancers are collectively common, representing a significant portion of all cancer diagnoses and deaths.
• Patients with rare cancers often face delayed diagnosis due to a lack of awareness and familiarity with their symptoms.
• There is a significant lack of research and development in rare cancer treatments compared to more common cancers, leading to poorer survival rates.
• Access to clinical trials is limited for rare cancer patients, with a large percentage not even being offered the opportunity to participate.
• The Rare Cancers Bill aims to appoint a national specialty lead for rare cancer research.
• The Bill proposes creating single registries for rare cancer trials and patients to improve accessibility and recruitment.
• A key aspect of the Bill is to review the orphan drug regulations to better incentivize pharmaceutical companies to invest in rare cancer treatments and drug repurposing.
• The debate highlighted the urgent need for action and a more revolutionary attitude towards tackling rare cancers.

Read the extended shownotes on Substack.

Source: Rare Cancers Bill (Hansard)

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No outside chatter: source material only taken from Hansard and the Parliament UK website.

Contains Parliamentary information repurposed under the Open Parliament Licence v3.0...