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Spring statement 2025 latest: Rachel Reeves targets civil service cuts in bid to save £10bn

Chancellor warns ‘hard’ choices must be made in spring statement as she rules out further tax rises



Ahead of the UK Spring Statement, the Bank of England chief warned that Trump's tariffs pose a threat to the UK economy. Chancellor Rachel Reeves announced a £2 billion affordable housing boost amidst upcoming public service cuts. The government aims to build 1.5 million new homes in five years. A leading economist cautioned against implementing a wealth tax. Reeves denied reported cuts to universal free school meals, but spending cuts are expected in the Spring Statement.

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