On a humiliating day for the Chancellor, she was forced to deliver a £14 billion package of emergency spending cuts to avoid breaking fiscal rules she wrote herself only five months ago.
According to the Daily Mail, UK's growth forecast has been slashed in half, and more tax rises are likely. Chancellor Rachel Reeves' economic plans are criticized as delusional by Kemi Badenoch. The Office for Budget Responsibility (OBR) warns tax rises will increase the tax burden, and welfare cuts may drive 250,000 into poverty. The OBR also raised concerns about Labour's workers' rights charter impacting jobs and prices. While Reeves defended accepting tickets to a concert and pledged more military spending, the OBR upgraded growth forecasts for later years, but overall GDP growth is still lower than expected.
