The Workplace for Finances Accountability has halved the UK progress forecast for 2025 from 2% to 1%, Chancellor Rachel Reeves has stated.
Nonetheless, the fiscal watchdog stated that whereas progress has been downgraded for this yr, it had been upgraded for yearly after for the remainder of this parliament – which is because of finish in 2029.
The chancellor stated she is “not satisfied with these numbers” as she delivered her long-awaited spring assertion within the Home of Commons this afternoon.
She instructed MPs: “That is why we on this side of the House are serious about taking the action needed to grow our economy. Backing the builders, not the blockers, with a third runway at Heathrow Airport and the Planning and Infrastructure Bill.”
Ms Reeves additionally highlighted reforms to the pension system and a nationwide wealth fund, including it was a part of a “serious plan” for financial progress.
Moreover, the chancellor introduced {that a} voluntary redundancy scheme is ready to launch for civil servants.
She stated that is a part of her mission to “make government leaner”, including it would ship £3.5bn in “day-to-day savings by 2029-30”.
Ms Reeves beforehand stated she is “confident” that 10,000 civil service jobs could be axed after numbers ballooned in the course of the pandemic.
Please refresh the web page for the fullest model.
