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Chancellor delivers spring statement cutting welfare benefits for families

Chancellor Rachel Reeves has delivered the Spring Statement, which include cuts to welfare, which will affect 3.2 million families, according to the Government’s own analysis, amid global uncertainty.
Chancellor Rachel Reeves speaking in the House of Commons on 26 March 2025 PHOTO Parliamentlive.tv

Delivering her speech in the House of Commons, Reeves said that with the war in Ukraine ‘the global economy has become more uncertain’ and that ‘borrowing costs are on the rise for many major economies’. Defence spending will increase by 2.5 per cent.

She said she was providing an update on public finances ahead of a full spending review in June, which will set departmental budgets for 2028-29, she said. She would return in the Autumn to deliver the budget, ‘in line with the Government’s commitment that there would be one fiscal review a year.’

She said that the fiscal rules that she set out in the October budget are ‘non-negotiable’.

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