Rachel Reeves is the UK’s Chancellor of the Exchequer.
The Financial Times reports that she will “squeeze public spending further in Spring Statement”.
- Reeves is looking for further cuts to fill a deficit in the
public finances - will trim proposed budgets for Whitehall
departments later in the parliament
The FT cites officials briefed on her plans.
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The UK Spring Statement is a fiscal update delivered by the Chancellor of the Exchequer, usually in March, outlining the state of the economy and public finances. It is a mini-budget rather than a full fiscal event and typically includes:
- Economic Forecasts: Updates from the Office for Budget Responsibility (OBR) on GDP growth, inflation, and debt levels.
- Spending & Revenue Updates: Adjustments to tax revenues, borrowing, and government spending.
- Policy Announcements: Sometimes includes minor tax or spending changes, but major fiscal measures are usually reserved for the Autumn Budget.
- Inflation & Cost of Living Response: May address key economic challenges like inflation, energy prices, and public sector pay.
Difference from the Budget
- The Autumn Budget (main event) sets major tax and spending decisions.
- The Spring Statement is more of an update, though it can include new measures in urgent situations.