Chancellor OBR forecasts for UK growth halved in 2025 but up in the remaining years of this parliamentSpring statement 2025: key points at a glanceRachel Reeves will not be raising taxes in the spring statement today, even though there are many people on the left who would prefer taxes to rise as an alternative to public spending being cut. Reeves came into office promising only one budget-type event a year, and that is one reason why she is not hiking taxes today. But mainly it’s because she thinks Britons are relatively highly taxed already, because Labour was elected on a manifesto ruling out most of the obvious possible tax rises and because she’s not convinced a sweeping wealth tax would work.But that has not stopped campaigners calling for a wealth tax, and yesterday about 300 people attended a ‘Tax the Super-Rich’ rally outside the Treasury. It was organised by charities and social justice campaign groups, but one of the speakers was Carla Denyer, co-leader of the Green party...
The 2025 Spring Statement included welfare cuts impacting over 3 million families. Official analysis showed this would increase poverty; however, Reeves claimed poverty figures didn't account for the impact of getting people into work. The Resolution Foundation criticized balancing books on low-income families, while the Green Party opposed benefit cuts instead of a wealth tax.
