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The Latest Breaking News from OBR

Spring statement 2025: what does it mean for your finances?

OBR says average income of 3.2 million families affected by benefits cuts will drop by £1,720 a year in real terms

The Guardian - UK

Labour MPs condemn Rachel Reeves’s ‘unacceptable’ welfare cuts

Backbenchers express anger as impact assessment shows 3.2 million households will be worse off

The Guardian - UK

Everything is great, nothing to see here, Rachel Reeves tells MPs

Chancellor delivers a spring statement strong on wishful thinking and light on compassion for those hit by cuts

The Guardian - UK

From analysis to the latest developments in health,
read the most diverse news in one place.

What changes were made to welfare reforms in the spring statement?

Rachel Reeves announced some adjustments to key plans for benefits announced last week.

Evening Standard

Hopes rise for interest rate cut after inflation falls – but experts warn relief may be short-lived

The Bank of England have promised a “careful” approach to reducing the rate this year

The Independent UK

Rachel Reeves clings on for dear life, but if this spring statement doesn’t work she’ll be out

Far from becoming better any time soon, it looks like things can only get worse

Evening Standard

Spring statement 2025: Graphs reveal economic impact of Rachel Reeves' plans

GDP and productivity are not likely to grow at the pace that ministers had hoped

Evening Standard

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Further tax hikes likely in autumn despite spending cuts, say economists

It came as the Government’s official forecaster cautioned that there was a ‘significant risk’ around meeting fiscal rules.

The Independent UK

Growth forecast halved this year in blow to Reeves

Chancellor Rachel Reeves said she was taking action to grow the economy but said she was battling global instability.

Evening Standard

Workers’ rights plans could have ‘negative’ impact, watchdog suggests

The Office for Budget Responsibility said regulations which ‘affect the flexibility of businesses and labour markets’ can have undesirable effects.

Evening Standard

Lower inflation – what it means for bills, taxes and shopping

A fall in the cost of clothes was the main reason for a drop in the rate of inflation; however, imminent increases to the cost of services mean people may not feel any better off

Evening Standard

Graph reveals how UK tax burden will hit record high after Spring Statement

Income tax and national insurance contributions are the main drivers behind the jump in the overall tax burden

Evening Standard

Spring statement: defence spending boosted as further disability benefit cuts announced – experts react

Not even six months on from Labour’s first budget, and the world is a much-changed place. Geopolitical tensions and uncertainties, already high last year, have risen further, and with them the cost of the UK’s debt, while economic growth has stalled. As such, Chancellor Rachel Reeves has confronted an array…

The Conversation

Martin Lewis gives verdict on spring statement as ISA reforms underway

The money expert focused on household income and rumoured ISA changes in his initial reaction

The Independent UK

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The Independent UK

Will families be £500 better off after Reeves’ Spring Statement? Here’s what experts say

The chancellor insisted families would be better off even as further welfare cuts were announced

The Independent UK

How Rachel Reeves’ welfare cuts will affect your benefits - and how much they’ll save

The chancellor has revealed how benefits will be changing for millions of claimants

The Independent UK

Welfare reform will push 250,000 into poverty, Government’s own assessment says

Charities had already reported a surge in calls and visits to their advice pages following a welfare reform announcement last week.

Evening Standard

Tax rise warning for millions as Rachel Reeves refuses to rule out Autumn Budget raid after Spring Statement

The Chancellor said to be at the ‘mercy of events’ by not building up a bigger fiscal cushion

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Evening Standard

Income growth to stagnate as firms pass on taxes and benefits cut

Disposable income growth will vary significantly around the 0.5% five-year average, the OBR said.

Euronews

UK Spring Statement: Further budget cuts and halved economic growth

Britain's Chancellor of the Exchequer Rachel Reeves has laid out the latest on UK public finances. Her statement arrives at a moment when the nation needs to find billions to boost defence spending against the backdrop of an ailing economy. Here are the key takeaways.

The Guardian - UK

Rachel Reeves does reasonable job of justifying fiscal prudence but welfare cuts cast shadow

Chancellor was able to point to glimmers of hope in spring statement despite economic growth forecasts being slashed

The Guardian - UK

OBR warns of Trump tariff uncertainty as it downgrades UK growth

Treasury watchdog halves growth forecast to 1% for 2025 in report issued alongside spring statement

Evening Standard

Housebuilding to hit 40-year high as red tape cut, but buyers ‘need support’

The Office for Budget Responsibility has forecast that Labour’s planning reforms will boost housebuilding by 170,000 over the next five years.

Evening Standard

Trump tariffs could cut growth and wipe out Chancellor’s headroom, OBR warns

The UK continues to seek exemptions from US tariffs due to come into effect next week.

The Independent UK

Spring statement 2025 summary: Key takeaways from benefit cuts to tax crackdowns

As the chancellor was forced to deliver a brutal spring statement due to the flatlining economy, The Independent looks at what cuts Rachel Reeves rolled out

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