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Spring Statement 2025: Rachel Reeves set to reveal spending cuts – follow live

In her first Spring Statement, Chancellor Rachel Reeves faced a reduced 2025 economic growth forecast (from 2% to 1%) from the Office for Budget Responsibility (OBR). Despite inflation falling to 2.8%, the OBR warned that economic uncertainty could derail her plans. Reeves announced an extra £2.2 billion for defence spending and addressed concerns about welfare cuts, disagreeing with government assessments that they would significantly increase poverty.
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