FT reports that UK finance minister to squeeze public spending further in Spring Statement

Rachel Reeves is the UK's Chancellor of the Exchequer.

The Financial Times reports that she will "squeeze public spending further in Spring Statement".

• Reeves is looking for further cuts to fill a deficit in the public finances
• will trim proposed budgets for Whitehall departments later in the parliament

The FT cites officials briefed on her plans.

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The UK Spring Statement is a fiscal update delivered by the Chancellor of the Exchequer, usually in March, outlining the state of the economy and public finances. It is a mini-budget rather than a full fiscal event and typically includes:

• Economic Forecasts: Updates from the Office for Budget Responsibility (OBR) on GDP growth, inflation, and debt levels.
• Spending & Revenue Updates: Adjustments to tax revenues, borrowing, and government spending.
• Policy Announcements: Sometimes includes minor tax or spending changes, but major fiscal measures are usually reserved for the Autumn Budget.
• Inflation & Cost of Living Response: May address key economic challenges like inflation, energy prices, and public sector pay.

Difference from the Budget

• The Autumn Budget (main event) sets major tax and spending decisions.
• The Spring Statement is more of an update, though it can include new measures in urgent situations.