What to expect from Rachel Reeves’ spring statement

What to expect from Rachel Reeves' spring statementThe Independent

Transcript

00:00On Wednesday, Chancellor Rachel Reeves will make her Spring Statement, an update for her plans on the UK economy.

00:06Here's what to expect.

00:07First thing to note, there will be no tax rises, at least that's what Reeves has previously said.

00:12Whether that turns out to be true or not, we'll know on Wednesday.

00:16Prime Minister Keir Starmer has said the government is looking to make savings across the board.

00:20Reeves is expected to announce spending cuts and some big measures aimed at saving money.

00:25She has already spoken about shaking up the civil service,

00:28including cutting 10,000 civil service jobs by the end of the decade.

00:33Elsewhere, reform to the welfare system and big cuts to public spending appear to be the

00:38chosen ways of balancing the books. But this Labour government will be desperate

00:42to avoid comparisons with the 2010s era of austerity under the Conservatives.

00:48Reeves has said she remains confident that living standards will increase

00:51during the course of this Parliament.

00:53So she will probably try to soften what could be quite bleak economic news for some.

00:58That means there will likely be plenty of talk of stimulating growth and cutting red tape.