Back to today’s briefing

Story perspectives

Chancellor Reeves Announces Major Welfare Cuts Amid Economic Crisis

3/5/2025

35 3

Summary

Story summary

Chancellor Rachel Reeves is set to implement substantial spending cuts, targeting welfare, to align with fiscal rules as government borrowing costs soar. These measures will be presented to the Office for Budget Responsibility ahead of the Spring Statement on March 26, amid a challenging economic landscape shaped by global trade tariffs and rising inflation.

1 of 1

Story summary

Chancellor Rachel Reeves is set to implement substantial spending cuts, targeting welfare, to align with fiscal rules as government borrowing costs soar. These measures will be presented to the Office for Budget Responsibility ahead of the Spring Statement on March 26, amid a challenging economic landscape shaped by global trade tariffs and rising inflation.