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The Chancellor has said that this is not a fiscal event, however, she is expected to announce a swathe of spending cuts that have been well signaled in recent days. Big cuts are expected across government budgets, the civil service is expected to see a large reduction in costs and in personnel, and £5bn is expected to be shaved off of the disability benefits bill. Reports suggest that there could be further cuts to benefits announced today, with some universal credit benefits frozen until 2030 in an effort to cut government spending.
The focus on spending cuts is designed to help Reeves rebuild her fiscal headroom, which has been eroded by a sharp reduction in the Office for Budget Responsibility’s forecast for UK growth.
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