-As part of her Spring Statement, Rachel Reeves has revealed the OBR have downgraded the growth forecast for this year from 2% down to 1%
-Welfare will be cut, with changes to Pip and universal credit confirmed, along with £500 million of extra cuts to incapacity benefit
-Defence spending will increase to 2.5% of GDP by 2027, paid for by a cut in overseas aid. It will then rise to 3% in the next parliament
-Public spending has been tightened, with departmental budgets going down from a 1.3% increase above inflation to 1.2%. It’s not as much of a decrease as had been expected, but the OBR say it will mean "significant pressures" on departments.
——————————————————————————————————————
• Subscribe to ITV News on YouTube: http://bit.ly/2lOHmNj
• Get breaking news and more stories at http://www.itv.com/news
Follows ITV News on TikTok https://www.tiktok.com/@itvnews?lang=en
Follow ITV News on Instagram: https://www.instagram.com/itvnews/
Follow ITV News on Facebook: https://www.facebook.com/itvnews/
Follow ITV News on Twitter: https://twitter.com/itvnews
