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Chancellor Rachel Reeves has delivered her first spring statement, setting out her economic plans for the UK amid “increased global uncertainty”.
Her statement revealed changes to universal credit and measures to support people returning to work, along with a pledge to increase UK defence spending.
A government impact assessment warned her reforms could push 250,000 people, including 50,000 children, into relative poverty and leave 3.2m families £1,720 worse off annually by 2030.
Wednesday’s statement also saw Ms Reeves face criticism from the Conservatives, who claimed she had “tanked the economy” and was “reckless” with the fiscal headroom she had left herself with.
So what will the changes announced mean for your finances? Will you end up paying more tax? How will spending cuts affect public services? And when will these policies come into force?
Beyond the immediate economic impact, the political ramifications of this spring statement are also worth exploring. Does this signal a long-term shift in Labour’s economic approach under Reeves and Starmer? Is Labour positioning itself as the party of fiscal responsibility, even at the cost of traditional welfare commitments?
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