US EditionReeves’ gloomy Spring Statement to set stage for autumn austerity
- Chancellor Rachel Reeves' Spring Statement will not include significant tax measures, as the Treasury signals a thin book of policies due to economic constraints and higher borrowing costs.
- The Office of Budget Responsibility forecasts downgraded economic growth and increased government borrowing, influencing the Spring Statement.
- Significant cuts to welfare spending are expected, marking the largest reduction in welfare spending for a decade.
- The statement raises questions about the viability of securonomics, with a focus on defense investment, highlighting concerns over potential austerity measures.
23 Articles
23 Articles
What to expect from Rachel Reeves’ spring statement
Chancellor Rachel Reeves will give an update on her plans for the UK economy in her spring statement on Wednesday, 26 March. Ms Reeves has ruled out any ‘tax and spend’ policies but has spoken about cutting the civil service workforce by 15 per cent. The chancellor has already spoken about shaking up the civil service, including cutting 10,000 jobs by the end of the decade. Reeves has said she remains confident that living standards will increas…
Could Cabinet turn on Reeves?
Hard hats on for the Spring Statement tomorrow, where at around midday Rachel Reeves will deliver her fiscal update (read: significant fiscal set piece). Aside from not spooking the markets, the Chancellor will be hoping that she doesn’t spook those within her own party. There are rumours of discontent circling around Westminster about a potential
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