Rachel Reeves' Spring Statement: how 'final' welfare cuts impact universal credit allowance

Further cuts will be made to Britain’s welfare bill – but only save the government £3.4bn rather than the £5bn originally thought – Rachel Reeves has announced in the Spring Statement. The Chancellor has confirmed there will be further reductions to the cost of benefits – and to government spending – after the Office for Budget Responsibility (OBR) found last week’s initial round of welfare savings would not save the £5bn ministers had posited. Reeves has now widened those cuts by freezing an additional Universal Credit (UC) payment made to those least able to work until 2030, following an initial cut. Read more of the story here 👇 https://www.cityam.com/spring-statement-2025-further-cuts-reeves-announces/ Get more of City AM 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: www.linkedin.com/company/cityam Produced by: Jessica Frank-Keyes, Emmanuel Nwosu, Scarlett Wild #news #politics #economy #economics #uk #uknews #ukeconomy #ukpolitics #keirstarmer #rachelreeves #melstride #labour #labourparty #springstatement #springbudget #budget #welfare #universalcredit #allowance #pip #finance #financialnews #personalfinance #money #tax