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Chancellor Reeves Plans Spending Cuts Amid £10.7 Billion Borrowing

3/22/2025

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Summary

Story summary

Chancellor Rachel Reeves is set to unveil her Spring Statement on March 26, amid mounting pressure from a staggering £10.7 billion in government borrowing last month. While she has dismissed the idea of tax hikes, significant spending cuts are on the horizon, including a revamp of the benefits system aimed at saving £5 billion each year by 2030.

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Story summary

Chancellor Rachel Reeves is set to unveil her Spring Statement on March 26, amid mounting pressure from a staggering £10.7 billion in government borrowing last month. While she has dismissed the idea of tax hikes, significant spending cuts are on the horizon, including a revamp of the benefits system aimed at saving £5 billion each year by 2030.