Treasury earmarks billions in spending cuts ahead of Spring Statement

Published On Mar 4, 2025, 7:01 PM

The UK Treasury plans significant spending cuts in welfare and other government departments as the Chancellor prepares to address a challenging economic environment. The Office of Budget Responsibility (OBR) will revise forecasts amid rising government borrowing costs influenced by global economic conditions. Expected measures include new welfare cuts, efficiency drives in civil service, and potential reforms intended to enhance productivity. These adjustments respond to economic changes since the last budget, and the Chancellor is determined to implement these strategies to ensure economic stability and growth.