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…
Economic Growth Forecast Halved as Reeves Blames Global Instability
Chancellor Rachel Reeves blamed “increased global uncertainty” as the budget watchdog slashed its forecast for economic growth. The Office for Budget Responsibility (OBR) halved its forecast for growth in GDP in 2025 from 2 percent to just 1 percent. The watchdog’s assessment also indicated the chancellor would have missed her goal of balancing the nation’s books without action. Responding to the growth forecast, Reeves said: “I am not satisfied…
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