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Verdict
Yes — you can hold Spain and United Kingdom citizenship simultaneously.
Spain
Dual citizenship policy
Permitted for descent and Memory Law applicants. Spain generally requires renunciation for naturalized citizens, but this is not enforced for Ibero-American/Sephardic descent.
United Kingdom
Dual citizenship policy
Permitted — the UK allows dual citizenship.
Both Spain and United Kingdom permit dual citizenship. You can acquire, hold, and use both passports simultaneously without legal restrictions.
This assessment is based on each country's current nationality law. Dual citizenship rules can change — always verify with the relevant consulate or an immigration attorney before making decisions about renunciation or acquisition.