US EditionSpring Statement: Reeves to make further welfare cuts but boost defence
- Chancellor Rachel Reeves will announce further cuts to welfare benefits and government departments in her Spring Statement.
- Reeves reported that the reforms to the welfare system would not save the anticipated £5 billion, leading to wider cuts.
- Reeves announced a £2.2 billion increase in defence spending and emphasized its connection to economic security.
- The Chancellor will instruct Civil Service departments to reduce administrative budgets by 15%.
165 Articles
165 Articles
Think times are tough? Just wait til Labour's 'unexploded bomb' detonates
SO, after all the days of spin and expectation management, what is the verdict on the Chancellor’s Spring Statement? Well, despite Rachel Reeves promising stability, yesterday she admitted the financial headroom (or rainy day fund) she had so carefully set aside in October had already been gobbled up. AlamyRachel Reeves admitted the financial headroom she had so carefully set aside in October had already been gobbled up during her Spring State…
U.K. Chancellor announces welfare cuts, increased defence expenditure to fix public finances
The Chancellor, who emphasized higher borrowing costs and greater trade uncertainties in the world, also confirmed a previously announced increase in arms expenditures as part of the U.K. increasing its contributions to the defence of Ukraine and Europe
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