Reeves to detail spending cuts

Finance minister Rachel Reeves was set to detail her plans on Tuesday for spending cuts as her Spring Statement yesterday to address the country’s ailing public finances.

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The fiscal update comes as the Labour government, elected in July after a landslide election win, faces sluggish economic growth and rising borrowing costs.

Ms Reeves has warned that since her inaugural budget in October, “the world has changed”.

Hammered global uncertainty over US tariffs and the war in Ukraine have added to the UK’s economic woes, chipping away at the Labour govern-ment’s £2.9 billion (4.34 billion baht) fiscal cushion.

Prime Minister Keir Starmer has recently pledged to hike spending on defence, with the government announcing late on Tuesday a £2.2 bil-lion boost next year.