Calls for chancellor to exclude defence from rules or raise taxes in response to spending pressure at spring statement
Leading economists are urging Rachel Reeves to bend her fiscal rules or raise taxes instead of cutting welfare when she responds to growing spending pressures in her spring statement later this month.
The independent Office for Budget Responsibility (OBR) is expected to downgrade its forecasts for the UK when they are published on 26 March, wiping out the headroom to meet the chancellor’s rules.
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