US EditionUK growth forecast for this year halved, chancellor says
- The Chancellor confirmed the Office for Budget Responsibility cut the growth forecast for 2025 from 2% to 1% during her Spring Statement in the House of Commons.
- Reeves stated that daily government spending will rise every year, but cuts to welfare will still occur to meet fiscal rules.
- SNP Westminster leader Stephen Flynn criticized Labour for creating a 'new era of austerity cuts' affecting ordinary people and accused them of ignoring climate issues.
- Oxfam claimed that cuts in social security support harm the poorest while protecting the wealthy, asserting that Labour's approach mirrors past mistakes made by the Tories.
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.
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