Rachel Reeves sets out cuts to balance the books after budget watchdog’s verdict

Chancellor of the Exchequer Rachel Reeves leaving 11 Downing Street, London, for the House of Commons to deliver her spring statement to MPs. Picture date: Wednesday March 26, 2025. - (PA Wire)

Rachel Reeves blamed “increased global uncertainty” as the budget watchdog warned she would have missed her goal of balancing the books without action.

She was forced to set out savings of around £14 billion to ensure she met her “non-negotiable” goal of balancing day-to-day spending against tax receipts, rather than borrowing.