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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