Spring Statement 2025: OBR slashes growth forecast March 26, 2025 The Office for Budget Responsibility (OBR) has slashed its growth forecast in half to one per cent as Chancellor Rachel Reeves said she was “not happy” about the revised figures. Reeves has insisted that high growth is key to Labour’s mission in government, while Prime Minister Keir Starmer has previously suggested that it is aiming for a rate [...]
Spring Statement 2025: ‘Missed opportunity’ to avoid hospitality cliff edge March 26, 2025 The UK’s leading hospitality body has slammed the Spring Statement as a ‘missed opportunity’ to solve the mounting crisis in Britain’s pubs and bars. The statement contained no phasing in of higher national insurance contributions (NICs) or extra support for the sector, despite pleas from the industry. “Growth won’t just happen without a plan. Today’s [...]
Spring Statement 2025: New growth board to oversee Britain’s defence push March 26, 2025 Chancellor Rachel Reeves has revealed further details of plans to boost Britain’s defence industry, including reforms of the procurement system and the appointment of a new oversight board. The government had already announced an extra £2.2bn will be plugged into the military amid concerns over US President Donald Trump’s commitment to European defence. Speaking in [...]
Spring Statement 2025: Reeves makes further cuts to Universal Credit March 26, 2025 Further cuts will be made to Britain’s welfare bill – but only save the government £3.4bn rather than the £5bn originally thought – Rachel Reeves has announced in the Spring Statement. The Chancellor has confirmed there will be further reductions to the cost of benefits, and to government spending, after the Office for Budget Responsibility [...]
Spring Statement 2025: Markets and bonds tread water ahead of ‘testing day’ March 26, 2025 Markets and bonds were relatively flat on Wednesday morning as analysts predicted Rachel Reeves’ Spring Statement would mark a “testing day”. The FTSE 100 had minor gains following market open, with Marks and Spencer leading the index’s biggest risers. The mid-cap FTSE 250 had a slight uptick, led by a surge in retailer Ocado after [...]
Spring Statement 2025: More welfare cuts to come March 26, 2025 MPs and voters will “hear more” from the Chancellor on welfare cuts at the Spring Statement, the defence secretary has said. John Healey has appeared to confirm that further cuts to welfare spending will be required because the budget watchdog has said previously-announced measures will not save the £5bn a year expected by 2030. The [...]
Spring Statement 2025 LIVE March 26, 2025 Chancellor Rachel Reeves has presented her Spring Statement in the House of Commons this afternoon. The headline of the release was the change in the projections by the Office for Budget Responsibility (OBR), which has slashed its growth forecast in half to one per cent as Chancellor Rachel Reeves said she was “not happy” [...]
Spring Statement: Reeves should abolish the OBR March 26, 2025 By strengthening the OBR, Reeves has created severe difficulties for herself. Vital decisions about our economic future should be made by politicians, not unelected quangocrats, says Paul Ormerod Later today we will know for certain what is in Rachel Reeves’ Spring statement, a budget to all intents and purposes. But as is usually the case [...]
Spring Statement 2025: £2.2bn defence and weapons boost, Reeves to unveil March 25, 2025 Rachel Reeves is set to unveil a £2.2bn boost for the UK’s defence spending at the Spring Statement, including cash to kit out Royal Navy ships with laser weapons. The Chancellor vowed to deliver “security and national renewal” but warned “we have to move quickly in a changing world” amid rising uncertainty over future European [...]
Spring Statement 2025: What is it – and when will Rachel Reeves speak? March 25, 2025 Chancellor Rachel Reeves is set to update MPs on the state of the UK economy and make a range of economic policy announcements on Wednesday afternoon at the Spring Statement. She is also set to give updates on the government’s plan to go “further and faster” on delivering growth. The Spring Statement will come as [...]