Rachel Reeves to Announce £5bn Welfare Cuts and £2bn Housing Boost in Spring Statement

The UK Chancellor faces mounting economic challenges and public discontent as growth forecasts drop to 1% for 2025.

• Rachel Reeves will present her Spring Statement on March 26, featuring £5bn in welfare cuts and a £2bn investment in affordable housing to address the UK's fiscal challenges.
• The Budget Responsibility is expected to downgrade growth forecasts for 2025 to 1%, citing global trade barriers, Brexit impacts, and domestic economic pressures.
• The £2bn housing investment aims to fund 18,000 affordable homes and mitigate the social impact of austerity measures, with construction planned by 2027.
• Internal Labour Party divisions have emerged over Reeves' strict fiscal rules and welfare reforms, with some cabinet members questioning the long-term strategy.
• Public confidence in the economy is waning, with 58% of Britons believing conditions are worsening, as consumer spending declines and uncertainty grows.

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