Rachel Reeves' Spring Statement
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Spring statement: Rachel Reeves can make decisions on spending cuts without too much fallout for now - but worse could be yet to come
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Rachel Reeves will deliver the spring statement to the House of Commons on Wednesday .
Her economic update will reveal a deteriorating economic outlook and rising borrowing costs.
The independent Office of Budget Responsibility is expected to forecast that growth for 2025 has halved from 2% to 1% .
That, combined with rising debt repayment costs on government borrowing, has forced her to find spending cuts.
Six months ago , Reeves said she wouldn't be coming back for more after she announced 40bn in tax rises in that massive first budget.
Six months on she is coming back with more, this time in the form of spending cuts.
The spring statement was meant to be a run-of-the-mill economic update, but has morphed into much more.