Rachel Reeves will reportedly announce more cuts in her Spring Statement. (Image: Getty)
Rachel Reeves is plotting new multibillion-pound cuts in her Spring Statement, a report claims. Officials reportedly briefed on her plans have said the Chancellor wants to tighten spending further to plug the hole in Britain’s public finances.
She will squeeze proposed budgets for Whitehall departments later in the Parliament, the Financial Times reports. Ms Reeves will update her fiscal plans on March 26 against a sputtering economy and drastically reduced headroom against debt rules she set herself in October.
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According to the Resolution Foundation, the Chancellor will need to find about ￡ 4.4 billion to meet her target of paying for day-to-day spending with tax revenue rather than borrowing. This is due to a combination of weak growth and higher interest rates.
Cutting Government departments is one option for Ms Reeves, who has already seen the announcement of cuts to disability and sickness benefits.
READ MORE: Rachel Reeves’ Spring Statement 'red alert' as risks mean investors cautious
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Keir Starmer has ruled out a return to austerity. (Image: Getty)
Ms Reeves this week said "the world is changing" and "increased global headwinds", including uncertainty on trade, are being felt "across the board".
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She insisted the Government is "delivering a new era of stability, security and renewal" to protect "working people" and to keep the country safe.
Prime Minister Sir Keir Starmer has ruled out returning to austerity, as did Ms Reeves in September 2024. She has also said her spending plans would be adjusted should the economy's outlook worsen.
This week saw the Organisation for Economic Co-operation and Development (OECD) cut its predictions for UK growth to 1.4% this year and 1.2% in 2026, down from 1.7% and 1.3% in its previous predictions.
Sluggish growth coupled with rising borrowing costs have upended Ms Reeves' spending plans. Economists expect the worsening outlook to have scrubbed out the ￡9.9bn of headroom left to meet her fiscal rules in October's Budget.
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The OECD has cut its prediction for UK growth to 1.4% this year. (Image: Getty)
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Economists have told the FT that to satisfy financial markets, Ms Reeves will need to start making savings during the same period of her forthcoming spending review rather than at the end of the parliament.
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Anger mounts as Starmer to march on with 'perverse' cuts sparking 'absolute horror'
119 Comments
State pension age update as Rachel Reeves mulls 'rabbit in the hat' move
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119 Comments
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493 Comments
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Ben Zaranko, from the Institute for Fiscal Studies, told the same publication the Chancellor could maintain her plan for 1.3% growth in departmental spending over three years, pencilling in "stonking cuts" at the end of this Parliament.
A Treasury spokesperson said: "The Government’s commitment to fiscal rules and sound public finances is non-negotiable.
"As previously announced, the [Office for Budget Responsibility's] next forecast will be presented to parliament on March 26 alongside a statement from the Chancellor. We do not comment on speculation around OBR forecasts."