Shadow Chancellor's Criticism
Shadow Chancellor Mel Stride slammed Sir Keir Starmer's government, stating that Britain has rapidly spiraled into crisis since they took office. He warned of rising unemployment under Rachel Reeves' watch and criticized the government's economic policies.
New Tax Hikes Looming
Brits are bracing for new tax hikes after growth forecasts were slashed, leading to £14 billion in spending cuts. GDP growth has been downgraded, increasing the likelihood of further spending cuts or tax hikes at the next Budget. Rachel Reeves faces pressure amid economic challenges.
Spring Statement Highlights
- No new tax rises: The Chancellor rules out further tax hikes and pledges to crack down on tax avoidance. - Growth downgraded: OBR halves GDP growth forecast for next year. - Growth boost from planning reforms: New housing policies expected to raise GDP. - Defence funding increase: Additional funding confirmed for defense, including a Defence Innovation Fund. - Welfare shake-up: Targeted employment support and welfare reform to reduce benefit spending. - Civil service cuts: New voluntary exit schemes and AI tools to shrink Government.
Economic Challenges Ahead
The Office for Budget Responsibility has halved the UK's annual growth forecast, predicting potential economic blows. Criticism and warnings surround the government's economic policies, with uncertainties over future tax rises and spending cuts.
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