The 2025 Spending Review is the tightest (outside of the austerity years in the early 2010s) since 2000 and the tough decisions for Chancellor, Rachel Reeves, won’t end here. The government’s U-turns on benefit and welfare spending and higher borrowing costs may mean to maintain the current buffer against her fiscal rules, Reeves has to raise £13-23bn in the Budget later this year.
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