The chancellor has earmarked billions in welfare cuts and spending reductions across government departments ahead of the Spring Statement, with the Treasury seeking approval from the Office for Budget Responsibility. Global economic factors and higher borrowing costs have impacted the government’s financial buffer, leading to the need for major measures to meet borrowing rules. The government is expected to announce politically painful welfare cuts to address the growing health-related benefits, while also focusing on increasing efficiency within the civil service and pushing through changes to improve economic stability and productivity.
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