UK politics live: Fresh blow for Reeves as UK’s official economic growth forecast ‘set to be halved’

Labour has denied claims of a return to austerity ahead of Rachel Reeves’ Spring Statement, where significant budget cuts are expected. Treasury minister Darren Jones refuted comparisons to Conservative policies post-2010, as the Chancellor plans to slash Whitehall budgets by billions, potentially harming public services. Amid global uncertainty, the Bank of England has kept interest rates at 4.5%, with limited cuts expected in 2025 due to inflation, rising costs, and economic uncertainty.

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