US EditionSpring Statement: Reeves to make further welfare cuts but boost defence
- Rachel Reeves plans to announce cuts to public spending in her Spring Statement due to global market turmoil triggered by Donald Trump.
- Inflation has unexpectedly fallen from 3% in January to 2.8% in February, according to the Office for National Statistics .
- Caroline Lucas has urged Rachel Reeves to abandon her fiscal rules and impose a wealth tax as spending cuts approach.
- Despite a drop in inflation, economists expect inflation to rise to 3.7% in the third quarter, pushing Reeves to implement cuts due to diminishing fiscal headroom.
165 Articles
165 Articles
Think times are tough? Just wait til Labour's 'unexploded bomb' detonates
SO, after all the days of spin and expectation management, what is the verdict on the Chancellor’s Spring Statement? Well, despite Rachel Reeves promising stability, yesterday she admitted the financial headroom (or rainy day fund) she had so carefully set aside in October had already been gobbled up. AlamyRachel Reeves admitted the financial headroom she had so carefully set aside in October had already been gobbled up during her Spring State…
U.K. Chancellor announces welfare cuts, increased defence expenditure to fix public finances
The Chancellor, who emphasized higher borrowing costs and greater trade uncertainties in the world, also confirmed a previously announced increase in arms expenditures as part of the U.K. increasing its contributions to the defence of Ukraine and Europe
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