Spring statement: the government is ‘stepping up’, says chancellor Rachel Reeves

Rachel Reeves insisted the government is “stepping up” in response to profound geopolitical challenges as she delivered her first spring statement as chancellor.

Reeves reflected that the world is “changing before our eyes”, and that the government’s job is now to “secure Britain’s future”.

Speaking in the House of Commons on Wednesday afternoon, she confirmed deep cuts to welfare and public services, along with billions of pounds in long-term investment aimed at growing the economy.

The chancellor said her measures would ensure a predicted £4.1 billion hole in the public finances within five years would be turned into a £9.9 billion surplus.

Opening her speech, Reeves said: “This Labour government was elected to bring change to our country, to provide security for working people, and to deliver a decade of national renewal.

“That work began in July and I am proud of what we have delivered in just nine months. Now our task is to secure Britain’s future in a world that is changing before our eyes.

“The threat facing our continent was transformed when Putin invaded Ukraine. It’s a since escalated further and the continue to evolve rapidly.

“At the same time, the global economy has become more uncertain, bringing insecurity at home as trading patterns become more unstable and borrowing costs rise for many major economies.”

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