Rachel Reeves expected to announce welfare cuts as she delivers spring statement – UK politics live
Reeves says world ‘is changing before our eyes’, and government must respond
Reeves says Labour was elected to bring change to the country, to provide security to working people and to deliver a decade of national renewal.
She claims this has started.
But now the task “is to secure Britain’s future in a world that is changing before our eyes”.
She says the situation changed when Putin invaded Ukraine, and the threats are escalating.
Key events
Reeves says she remains committed to just one fiscal event a year.
Reeves says world ‘is changing before our eyes’, and government must respond
Reeves says Labour was elected to bring change to the country, to provide security to working people and to deliver a decade of national renewal.
She claims this has started.
But now the task “is to secure Britain’s future in a world that is changing before our eyes”.
She says the situation changed when Putin invaded Ukraine, and the threats are escalating.
Reeves delivers spring statement
Rachel Reeves is delivering her spring statment.
The pound has touched a two-week low, just as Rachel Reeves prepares to start delivering the spring statement.
Sterling has lost around half a cent against the US dollar today, to $1.2881.
This drop follows the fall in UK inflation this morning, to 2.8% for February, which has increased the chances of an interest rate cut in May (to around 54%, according to the latest money market pricing).
UK borrowing costs are a little lower today too (which should please the Treasury), but are still higher than other advanced economies such as the US and Germany (which won’t).
We’ll be watching to see how the chancellor’s words move the markets…
Kieran Mullan (Con) asks about a group of people campaigning for tougher sentences for serious crimes. Will the PM meet them?
Starmer says the victims minister is meeting them today, and he says he will meet the group at another point.
Jerome Mayhew (Con) says Reeves’s plans are collapsing. So is it time for Starmer to say he has full confidence in the chancellor.
Starmer replies: “I have full confidence in the chancellor.”
Chris McDonald (Lab) asks about defence jobs in Stockton North.
Starmer says defence spending is going up, and “that must benefit British jobs and British businesses”.
Vikki Slade (Lib Dem) asks about plans for an incinerator in her Mid Dorset and North Poole constituency. Does the PM agree this is not needed?
Starmer says he does not know the details of this. He will make sure Slade gets an answer in writing.
Roger Gale (Con) says the south-east of London lacks a diversion facility if Heathrow is closed. But does the PM agree the reopening of Manston airport will help.
Starmer says what happened at Heathrow was concerning. There must be an inquiry. But he is not going to announce parts of the government’s response now.
Blair McDougall (Lab) asks if the govenrment will restore funding for an initiative to help the return of Urkainian children aducted by Russia. He says some US funding for this has been cut.
Starmer says this is a really important issue. He says the government is funding work to get the children back. He says the government will “do everything we can to see these children returned”.
