IChemE initial response to UK Government's 2026 Spring Statement
4th March 2026
On 3 March 2026, The Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, delivered the 2026 Spring statement. In response, IChemE’s Chief Executive Officer Yvonne Baker commented:
“The Chancellor used her statement to discuss the importance of stability in encouraging investment and economic growth. As we often see in chemical industry, stable and consistent policy environments are essential to giving businesses the confidence they need to plan their activities and secure investment.”
“The announcement referenced the conflict in Iran which escalated only days before and is already impacting global oil and gas prices, highlighting the need for greater energy security. Chemical engineers play important roles in increasing energy security not only in oil and gas, but across the energy sector.”
“There was also some commentary on apprenticeship and student loan policies. The initial insights from IChemE’s employment survey show that 44% of employers reported sector specific technical skills as a skills gap, suggesting a potential misalignment of graduate expectations and employer needs. We hope that the focus on these policies leads to change that can mitigate this misalignment and contribute to an eventual decrease in unemployment figures that were also a key feature of the statement.”
What is chemical engineering?
Chemical, biochemical and process engineering is the application of science, mathematics and economics in the process of turning raw materials into everyday, and more specialist, products. Professional chemical engineers design, construct and manage process operations all over the world. Energy, pharmaceuticals, food and drink, synthetic fibres and clean drinking water are just some of the industry sectors and products where chemical engineering plays a central role.
IChemE
The Institution of Chemical Engineers (IChemE) advances chemical engineering's contribution for the benefit of society. We facilitate the development of chemical engineering professionals and provide connections to a powerful network of around 32,000 members in more than 100 countries.
We support our members in applying their expertise and experience to make an influential contribution to solving major global challenges, and are the only organisation permitted to award Chartered Chemical Engineer status and Professional Process Safety Engineer registration.