Rachel Reeves is about set out her plans for the UK economy as she delivers her Spring Statement to Parliament.
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.
Posting on social media ahead of her statement, she wrote: “Security for working people and renewal for our country.
“That is our mission. And in a changing world we will deliver.”
The Spring Statement comes a week after Work and Pensions Secretary Liz Kendall announced £5bn in benefits cuts and on the same day the Office for Budget Responsibility (OBR) is anticipated to cut its forecast for economic growth.
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.
We take a look at what is expected to be in the statement and how to watch it live.
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.
Her speech in the House of Commons will start at about 12.30pm.
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.
The chair of the Treasury Committee is often called to respond at this point.
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.
A live stream is also provided on Parliamentlive.tv here.
To watch the statement with British Sign Language, use the Parlieamentlive.tv link here.
These are some of the changes likely to be announced in the Spring Statement:
After the announcement on welfare cuts last week, the Chancellor is now expected to widen those cuts in her statement.
It comes after after the budget watchdog said Government’s plans will not save as much as ministers hoped.
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Read MoreThe Work and Pensions Secretary announced proposals to cut £5bn off the welfare bill last week.
But an assessment of the changes to disability and incapacity benefits by the OBR found it will only save £3.4bn in 2029-30.
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.
Alongside the statement, the Government will release an impact assessment indicating how many people will be hit by the previously announced plans to cut the welfare bill.
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)Ministers have tried to avoid putting a specific figure on the number of Civil Service jobs to be cut but at least 10,000 jobs are expected to go.
The FDA union has warned up to 50,000 members of staff could be made redundant.
The Prime Minister has insisted greater adoption of technology and AI across government and the public sector will help cut costs while still providing a “better service”.
Defence is set to get a £2.2bn funding boost from April.
The Chancellor will tell MPs a “more insecure world” requires a greater focus on national security, with a promise to increase defence spending as part of the previously announced plan for the biggest rise in military funding since the Cold War.
This is to be funded by cutting the aid budget.
The Treasury has referred to it as a “significant step” towards spending 2.5 per cent of GDP on defence by 2027.
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 Chancellor will allocate £2bn to build 18,000 new social and affordable homes.
The 18,000 are part of Labour’s wider promise to build 1.5 million new homes before the end of this Parliament.
The £2bn investment is being referred to as a “down payment” from the Treasury ahead of more long term investment in social and affordable housing planned later this year.
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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