Reeves to reveal biggest UK spending cuts since austerity in spring statement
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UK: Interest Rates Remain at 4.5% as Reeves Expected to Unveil Spending Cuts
Above: Chancellor Rachel Reeves during a Bloomberg Television interview in London, UK, on Monday, March 17, 2025. Image copyright: Jason Alden/Contributor/Bloomberg via Getty Images
The Spin
Left narrative
Reeves is poised to return the UK to austerity. After 15 years of economic harm caused by the Tories, the last thing the UK needs is more cuts to public services. Labour was elected to offer a better alternative, not to rehash failed Conservative policies. Rather than slashing welfare and public spending, Reeves should focus on taxing extreme wealth to rebuild a crumbling social state and boost the economy. It’s time for bold solutions, not more of the same.
Right narrative
Reeves’s economic mismanagement is hitting working people hard, despite her promises. Her National Insurance hike has caused lower wages and higher prices, costing jobs and slowing the economy. Now, despite the rhetoric she’s likely eyeing more tax rises – rumored freezes on income tax thresholds and slashes to pension tax relief. The British public shouldn’t have to bear the burden of Labour's fiscal irresponsibility – Reeves must be sacked immediately.
Pro-establishment narrative
Spending cuts are necessary to maintain fiscal responsibility and meet budget targets, with the government delivering a new era of stability and security while protecting working people. While not ideal, the world has changed dramatically since October – the government is right to do its best in maintaining its commitment to the fiscal rules and responding accordingly before it is too late.