Chancellor Reeves Reports £4.1bn Deficit Amid Welfare Reform Updates

Chancellor Rachel Reeves delivered her Spring Statement, maintaining a current budget surplus of £9.93bn, despite previous forecasts indicating a shift to a £4.1bn deficit due to slower economic growth and rising interest rates. The statement included proposed welfare reforms aimed at saving £4.8bn by 2030, which have faced scrutiny for their potential impacts on the sick and disabled. Responses from industry leaders and political opposition highlighted concerns that the statement failed to address critical issues like the National Insurance hike and its effects on family-run construction businesses. Critics, including Shadow Chancellor Mel Stride, condemned the government's economic management, asserting that growth has halved and unemployment is expected to rise. The overall sentiment reflects anxiety over the UK’s economic direction, with calls for reevaluation of fiscal strategies to foster growth and stability.