The Chancellor is expected to give details of the Government’s plans for further cuts to public spending and benefits but no increases in taxes, as she tries to balance the books and plug the £22bn black hole in the nation’s finances.
“That is our mission. And in a changing world we will deliver.”
The Bank of England halved its growth forecast for the UK economy in 2025 to 0.75 per cent in February, and earlier this month the OECD cut its 2025 forecast from 1.7 per cent to 1.4 per cent.
Chancellor Rachel Reeves with the Treasury team ahead of the Spring Statement (Photo: Peter Nicholls/Getty)
The Chancellor is expected to deliver the Spring Statement after Prime Minister’s Questions on Wednesday 26 March.
As is the case with other statements made in the Commons, the shadow Chancellor Mel Stride will then respond, followed by a representative for the Liberal Democrats.
Where can I watch the 2025 Spring Statement?
The Spring Statement will be available to watch live on The i Paper‘s YouTube channel below.
To watch the statement with British Sign Language, use the Parlieamentlive.tv link here.
After the announcement on welfare cuts last week, the Chancellor is now expected to widen those cuts in her statement.
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Read MoreThe Work and Pensions Secretary announced proposals to cut £5bn off the welfare bill last week.
In a bid to save a further £500m, The Times has reported that universal credit incapacity benefits for new claimants will now be frozen until 2030, rather than increased in line with inflation, and there will be a small reduction in the basic rate in 2029.
Civil Service Cuts
Reeves has already confirmed plans to tell Whitehall departments to cut administrative budgets by 15 per cent, which is expected to save £2.2bn a year by 2029-30.
Protesters from War on Want, Greenpeace and Oxfam in London on Tuesday head of the Spring Statement (Photo: Peter Nicholls/Getty)The FDA union has warned up to 50,000 members of staff could be made redundant.
Defence is set to get a £2.2bn funding boost from April.
This is to be funded by cutting the aid budget.
Defence Secretary John Healey told BBC Radio 4’s Today programme: “The Chancellor will set out this afternoon that the world is changing, our task is to secure Britain’s future and that’s why she is making an extra £2.2bn available for defence.”
Housing spending
The 18,000 are part of Labour’s wider promise to build 1.5 million new homes before the end of this Parliament.
Deputy Prime Minister and Housing Secretary Angela Rayner said: “This investment will help us to build thousands more affordable homes to buy and rent and get working people and families into secure homes and onto the housing ladder. “
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