Chancellor Rachel Reeves emphasised her commitment to “leaner” government and said that the government was working to reducing its cost of running by 15% (or £2 billion) by the end of the decade.
But it was also revealed that the OBR has revised down the UK’s growth forecast for 2025 from 2% in the autumn to 1%. Nonetheless, Reeves promised to increase capital spending by average of £2bn a year to drive growth.
She also suggested that inflation will hit its 2% target by 2027 and average people will be over £500 better off per year under the present government.
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