The UK moves forward with billions in welfare spending cuts as its growth forecast is slashed by half…Full details

The UK moves forward with billions in welfare spending cuts as its growth forecast is slashed by half…Full details

Britain’s Finance Minister Rachel Reeves on Wednesday announced billions of pounds worth of spending cuts as she looked to plug a budget shortfall amid stalling growth and higher borrowing costs since her first fiscal plan, released last fall.

“The responsible choice is to reduce our levels of debt and borrowing in the years ahead so we can spend more on the priorities of working people,” Reeves said, addressing lawmakers in Parliament.
Britain’s Labour government is under intense scrutiny as Chancellor Rachel Reeves updated British lawmakers on her spending and taxation plans and the outlook for the British economy.
Reeves announced more spending cuts on Wednesday after vowing to stick to her self-imposed spending and debt rules.
The U.K. has experienced stalling economic growth, sticky inflation and higher borrowing costs in recent months.