UK growth forecast for this year halved, chancellor says

Chancellor announces more cuts as OBR lowers growth forecast

The world is changing, said Rachel Reeves – though the fact it is Donald Trump who is forcing a rise in defence spending and provoking a global trade war was left unsaid. The Spring Statement revealed this year’s growth forecast is 1% instead of 2% – meaning the Chancellor had to work hard to avoid breaking her own fiscal rules on borrowing. That explained the cuts to welfare, targeted mainly at disability benefits, which are almost as painful t…

UK halves 2025 growth forecast, confirms defence spending boost

The British economy will only grow by 1 per cent this year, half the rate previously anticipated, Treasury chief Rachel Reeves said.

Reeves Loses Control of the Economy – The Daily Sceptic

Chancellor Rachel Reeves stood accused of losing control of the economy today as she desperately cut spending further despite record tax rises to cover a £14bn black hole largely of her own making.

Rachel Reeves' bet HASN'T paid off, she's left the economy in tatters

It’s Spring Statement Day and Rachel Reeves has given her economic update. And guess what? It’s not great. Growth for this year has been slashed in half. PARachel Reeves delivers the Spring Statement, revealing Britain’s growth forecast has been halved this year[/caption] The buffer that the Chancellor put in place in October to protect her against global instability, to keep the books balanced, has been wiped out. It’s a £14 billion hit to the …

Opposition and Think-Tank reactions to the Chancellor's Spring Statement

The Chancellor Rachel Reeves has delivered her Spring Statement. Here are a selection of responses from the Opposition and Think Tanks The most significant element, which will be picked up by the opposition and media, was not amongst announcements on spending cuts, welfare reform and defence spending but the OBR growth forecast which over five years reads as follows: One percent in 2025, one point nine percent in 2026, one point eight percent in…

Economic Growth Forecast Halved as Reeves Blames Global Instability

Chancellor Rachel Reeves blamed “increased global uncertainty” as the budget watchdog slashed its forecast for economic growth. The Office for Budget Responsibility (OBR) halved its forecast for growth in GDP in 2025 from 2 percent to just 1 percent. The watchdog’s assessment also indicated the chancellor would have missed her goal of balancing the nation’s books without action. Responding to the growth forecast, Reeves said: “I am not satisfied…