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Live: Rachel Reeves set to announce more welfare cuts in spring statement

Chancellor Reeves cut billions in planned spending, including on benefits, due to worsened economic growth and public finances. The OBR upgraded growth forecasts to 1.9% in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029. Benefits cuts and reforms will save £4.8bn. Housebuilding is projected to reach 305,000 by 2029/30. Defence spending will increase by £2.2bn, aiming for 2.5% of GDP by April 2027. Thousands of jobs are expected to be cut.
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