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The Latest Breaking News from the Office for Budget Responsibility

Rachel Reeves ‘set to impose further welfare cuts worth £500m’

The Office for Budget Responsibility is said to have rejected the Treasury’s saving estimates from last week’s welfare cuts, paving the way for even more difficult choices

The Independent UK

Reeves poised to make further welfare cuts as budget watchdog gives its verdict

Chancellor Rachel Reeves will acknowledge she needs to go ‘further and faster to kickstart growth’ in her spring statement .

The Independent UK

Chances of May interest rate cut rise after UK inflation falls to 2.8% – as it happened

Rolling coverage of the latest economic and financial news, as pound dips after February’s inflation report

The Guardian - UK

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Reeves admits ‘further and faster’ action is needed to kickstart growth

Before the statement, the Office for Budget Responsibility will publish its forecast on the UK economy, which is widely expected to slash its forecast for economic growth

The Independent UK

Labour plan for £2bn in Whitehall cuts will hit frontline services, union warns

‘You can’t cut your way to growth,’ says PCS head as Reeves confirms move to cut administrative costs by 15% by 2030

The Guardian - UK

What are Rachel Reeves’s fiscal rules and could they be changed?

What are the economic constraints that underpin the chancellor’s spring statement – and why does she see them as vital?

The Guardian - UK

All UK families could see average living standards fall by 2030, forecast warns

Sir Keir Starmer’s government could be first to see living standards fall since 1955, warns Joseph Rowntree Foundation

The Independent UK

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‘Does it score?’ How the OBR became the key arbiter of the Treasury’s sums

Chancellor has very little headroom within her fiscal rules but is keen to keep Office for Budget Responsibility on side

The Guardian - UK

Is cutting benefits the only way to save money on welfare?

Major reforms to welfare are expected to be announced today

The Independent UK

DWP Faces Major Budget Cuts as Government Targets Benefits and Welfare Fraud Crackdown

The Department for Work and Pensions (DWP), responsible for Universal Credit and PIP, is set to face significant budget cuts.

The Fashion Central

Labour minister says 'clue is in the name' to defend welfare cuts

A cabinet minister has said the “clue is in the name” when defending Labour’s plans to slash welfare spending ...

The National (Scotland)

Chancellor plans sweeping welfare cuts amid tariffs warning, higher inflation and increasing borrowing costs

A minister has defended the proposals saying there is a ‘moral case’ for cutting Britain’s welfare bill

Evening Standard

Starmer highlights UK’s war record in implicit rebuke to Vance as Lib Dems mock Badenoch for defending him – as it happened

Interventions follow US vice president’s comments about ‘20,000 troops from some random country that has not fought a war in 40 years’

The Guardian - UK

Record January tax surplus of £15.4 billion falls short of City forecasts

Government in the black last month but £5 billion less than forecast by the OBR in October

Evening Standard

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The Guardian - UK

Oil workers ‘could strike’ to protect jobs in green transition; Trump tariffs hit US economic growth – as it happened

Sharon Graham, the Unite general secretary, says direct action is being considered to save UK jobs

The Independent UK

Government ‘relentlessly focused’ on economy amid reports of lower growth – No10

The Office for Budget Responsibility is said to have cut its projections for economic growth.

Evening Standard

Unions attack 2.8% Government pay rise proposal for NHS workers and teachers

Inflation is predicted to average 2.5% this year and 2.6% next year, according to forecasts from the Office for Budget Responsibility.

The Independent UK

Teachers and nurses warn Rachel Reeves of strike action over 2.8% pay rise proposal

Inflation is predicted to average 2.5% this year and 2.6% next year, according to forecasts from the Office for Budget Responsibility.

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news in one place.

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The Guardian - UK

OBR moving to ‘trust but verify’ relationship with Treasury after ‘black hole’ row – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

Investment drives growth. That’s why gloomy forecasters are so wrong about the budget

The Office for Budget Responsibility’s extreme conservatism means it has woefully underestimated the impact of Labour’s public spending plans

The National (Scotland)

National Insurance hike could force Scottish care homes to shut doors

CARE homes across Scotland could be forced to shut their doors as a result of the Budget hike in employers’ National Insurance (NI) payments, it…

The Independent UK

Reeves admits tax hikes will hit working people as IFS accuses chancellor of ‘undermining trust’

Rachel Reeves was forced to accept that her decision to raise employers’ national insurance contributions will lead to workers being paid less, but asked, ‘what alternative was there?’

Evening Standard

Millions of workers to see £600 pay rise hit from National Insurance hike on businesses, says Budget watchdog

The Office for Budget Responsibility stressed three quarters of the rise in National Insurance on employers would ultimately feed through into lower wage increases for employees

The Guardian - UK

Post-budget sell-off of government bonds by worried City traders intensifies, pushing up UK borrowing costs – as it happened

Institute for Fiscal Studies says increasing borrowing to fund investment ‘right thing to do’

The Independent UK

Firms ‘set to pass on most of higher tax costs to employees through lower wages’

The Office for Budget Responsibility said it assumes that firms will ‘pass on most but not all of their higher tax costs to employees’.

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