US EditionUK growth forecast for this year halved, chancellor says
- The Office for Budget Responsibility has halved the UK's economic growth forecast for 2025 from 2% to 1%.
- Households are expected to be £500 better off by 2029, but real disposable income growth is set to drop sharply after 2024, according to the Government's projections.
- Critics, including Tory shadow Chancellor Mel Stride, argue that the economic downturn is due to Reeves' choices and have condemned the spring statement for failing to address growth issues.
- Critics, including Andrew Griffith, condemned Reeves for failing fiscal rules, while Reeves defended the government's actions as responses to international pressures.
79 Articles
79 Articles
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…
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 …
The British economy is expected to grow by only half as much this year as the government in London had previously expected. As Finance Minister Rachel Reeves said today, as she presented an updated budget plan in parliament with millions of savings, the volume of gross domestic product (GDP) is expected to strengthen by one percent this year.
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…
Coverage Details
Bias Distribution
- 35% of the sources lean Left, 35% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
