Rachel Reeves Announces £6.1 Billion Spending Cuts in Spring Statement
The Chancellor aims to restore fiscal balance amid downgraded growth forecasts, rising borrowing costs, and a £1.6 billion welfare savings shortfall.
- The Budget Responsibility (OBR) downgraded the UK's 2025 growth forecast from 2% to 1%, citing economic stagnation and global uncertainty.
- Rachel Reeves unveiled £6.1 billion in spending cuts, including freezing universal credit incapacity benefits for new claimants until 2030.
- Defense spending will increase by £2.2 billion next year, with investments in high-tech weaponry, military housing, and naval base upgrades.
- The government committed to building 1.3 million homes over five years, supported by a £2 billion grant for social and affordable housing.
- Efforts to crack down on tax evasion aim to raise £6.5 billion annually, alongside cuts to administrative budgets saving £2.2 billion per year by 2029-30.
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