Chancellor Rachel Reeves was forced to set out further cuts in public spending after the Office for Budget Responsibility’s verdict.
The Office for Budget Responsibility halved the UK's 2025 GDP growth forecast from 2% to 1%, citing global uncertainty. Chancellor Rachel Reeves responded with £14 billion in spending cuts and welfare reforms to meet fiscal targets. Government borrowing has been revised upwards and the OBR warned of potential impacts from global trade disputes and persistent inflation, while acknowledging planning reforms could boost GDP.
