Five economic factors that will govern Rachel Reeves’s spring statement

With the OBR set to slash growth forecasts, the chancellor faces mounting criticism over welfare reductions. Photograph: Dan Kitwood/Reuters

Rachel Reeves will give her spring statement on Wednesday, with a warning that spending cuts are required because “the world has changed” amid rising government borrowing costs.

After announcing deep cuts to welfare, provoking a fierce backlash within her party, the chancellor will present updated forecasts from the Office for Budget Responsibility (OBR) on the outlook for the economy and government finances.