US EditionSpring Statement: Reeves to make further welfare cuts but boost defence
- Rachel Reeves plans further cuts to welfare benefits after the Office for Budget Responsibility indicated that previously announced reforms would not save £5 billion as planned.
- Reeves will increase defence spending by £2.2 billion while announcing an additional £500 million in further benefits cuts to address a £1.6 billion shortfall.
- Universal credit incapacity benefits for new claimants will be frozen until 2030, and there will be a small reduction in the basic rate in 2029.
- Despite sluggish economic growth, Reeves stated, 'This moment demands an active government stepping up to secure Britain’s future.
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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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