Chancellor Rachel Reeves stressed the grim realities facing the country as she delivered her Spring Statement to the Commons, arguing the 'world has changed'.
Chancellor Rachel Reeves admitted the UK's economic growth forecast has been halved, with inflation higher than expected. The OBR slashed growth forecasts for 2025/26 to 1 percent. Reeves announced measures, including welfare cuts and spending cuts, to address a £14 billion shortfall and restore headroom in financial plans. The OBR rejected previously claimed savings from benefits reforms.
