CHANCELLOR Rachel Reeves is set to deliver her first Spring Statement, widely expected to include severe spending cuts, today.
Speaking to broadcasters ahead of her statement on Wednesday, the Chancellor said Britain had not been “immune” from global increases in the cost of government debt.
But she insisted she would meet her “non-negotiable” fiscal rules despite expectations that official forecasts also published on Wednesday would show her “headroom” against those targets had vanished.
Here’s everything you need to know.
What is the Spring Statement?
The Spring Statement, as the name suggests, takes place in the spring each year and is usually when the Chancellor announces the main tax changes for the year ahead.
It is also when they put final legislative tax changes through to the Finance Act for the year — which usually becomes law during the summer.
What time will the Spring Statement start?
The Statement is expected to start immediately after PMQs, which starts at midday on Wednesday so we should expect it around 12.30pm.
It usually lasts around an hour and will take place in the House of Commons.
How can I watch the Spring Statement?
It’s likely that most major broadcasters will show the Spring Statement on TV.
However, you can also watch live proceedings in the House of Commons through Parliament TV – which can be found here.
What has been said ahead of the Statement?
The proposed cuts to the welfare budget have already proved unpopular with Labour backbenchers and have been heavily criticised by disability charities and organisations.
Ahead of Reeves's statement, the SNP held a summit at Westminster with the aim of discussing the steps needed to tackle and eradicate poverty in the UK with national and local charities and stakeholders.
SNP MP Kirsty Blackman said it is a “badge of shame” for Labour that poverty and inequality are at record levels under their watch.
Reeves has said: “We can see that the world is changing, and part of that change is increases globally in the cost of government borrowing – and Britain has not been immune from those challenges.
“The OBR (Office for Budget Responsibility) will set out their verdicts on growth and on the public finances today, but we will continue to meet the fiscal rules I set out in the budget last year.
“Economic stability is non-negotiable, I will never play fast and loose with the public finances like the previous government did.”
