Chancellor Rachel Reeves is set to deliver a spring statement in three weeks that, contrary to earlier plans, is expected to propose significant cuts to welfare. This comes as the economic landscape has shifted dramatically since her previous budget, with the Office for Budget Responsibility (OBR) indicating that her financial buffer has been exhausted. Factors contributing to this change include rising inflation and increased borrowing costs. The OBR will provide new forecasts reflecting these economic realities, indicating a pressing need for adjustments in tax and spending plans ahead of the statement.
Reeves is going to announce cuts, worth several billions pounds, particularly affecting welfare.
The OBR indicated she had 9.9bn available to spend against her self-imposed borrowing rules.
Collection
[
|
...
]