Labour’s second budget statement is taking place today, with Chancellor Rachel Reeves expected to announce a slew of fiscal policies including cuts to welfare spending, a boost in the defence budget and further measures to support the government’s plan for growth.
The Office for Budget Responsibility is expected to present a blow to these ambitions in the form of a downgraded growth forecast. Reeves has, however, been handed a small boost as inflation fell unexpectedly from 3% to 2.8% in February.
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