Spring Statement: Rachel Reeves refuses to rule out Budget tax raid after slashing spending in Spring Statement

GB News viewer ‘steals the show’ with hilarious Rachel Reeves takedown - WATCH

A GB News viewer's biting comment comparing Rachel Reeves' £500 better off claim to the price of Sabrina Carpenter concert tickets has made the airwaves on the People's Channel.

The viewer, identified as Debbie, "stole the show" during Martin Daubney's segment where he asked if Britons felt better off under the current Government.

Reeves looks to reassure Britain after Spring Statement

In a video uploaded to social media, Rachel Reeves said: “The Spring Statement is an opportunity for me as Chancellor to update the country on our economic plan, what we are achieving and what more we need to do to grow our economy and lift living standards for working people.”

She added: “The world has changed and we can see that all around us. That’s why we’ve made the decision to put more money into defence, because it’s essential for our national security and it’s essential for our economic security.”

Chancellor doubles-down on free Sabrina Carpenter tickets

Rachel Reeves has doubled-down on her decision to take free tickets to attend a Sabrina Carpenter concert at the O2.

Responding to a question at today's Spring Statement press conference, the Chancellor said: “Now it may come as a surprise to you that I’m not personally a huge Sabrina Carpenter fan being a 46-year-old woman but a member of my family did want to go and see that concert.

“I’m not in a position now that I can easily just go and sit in a concert and some of the things that I might be able to do in my everyday life in the past are not so easy now, so I had advice that it would be easier to be in a box.

“The owners of the O2 had a box with tickets that are not available to buy and they said that I could go in there and that was better for security reasons.

"I do recognise that people think that’s a bit odd but that’s the reason why I did that rather than just being in normal seats which to be honest for me and my family would have been a lot nicer and a lot easier.”

Reeves ADMITS Trump tariff fears after OBR warning

Rachel Reeves has admitted Donald Trump's tariffs pose a threat to Britain's economy just hours after the OBR warned a trade war could wipeout the Chancellor's £9.9billion buffer.

Speaking from Downing Street, the Chancellor said: “The OBR has set out today in its documents some different scenarios for what tariffs might mean for the UK economy.

“I think all of us were very pleased when our Prime Minister went to Washington just a few weeks ago to have those initial meetings with the US President. The last time Donald Trump was President of the United States, trade and investment flows increased between our countries.”

She added: “Tariffs between our economies, increased tariffs between our economies will damage both our economies, and we’ll continue make that case for free and open trade.

“Let’s see where we get to in the next few weeks. But I recognise how important free and open trade is not just with the United States, although they are our biggest trading partner, but also with the EU and that’s why I’m pleased the summit between the UK and the EU has been organised for May this year because we also want better trade flows between us and our nearest neighbours in Europe, particularly to help small businesses that have been tied up in red tape since the botched Brexit deal the previous Government did.”

Reeves's deputy compares slashing benefits to cutting pocket money

Rachel Reeves’s deputy has compared recently announced benefit reforms to cutting his children’s pocket money by £10 a week and telling them to find Saturday jobs.

Chief Secretary to the Treasury Darren Jones said: “Sorry, I’ve not seen the impact assessment because as you say it’s just been published. But my understanding is what the impact assessment doesn’t account for is the benefit that you get from our additional money into support for training, skills or work.

“Take for example, if I said to my kids I’m going to cut your pocket money by £10 a week but you have to go and get a Saturday job, the impact assessment on that basis would say that my kids were down £10 irrespective of how much money they get from their Saturday job.”

Starmer hails Spring Statement as major success while swiping at Tories

Sir Keir Starmer has released a short response to Rachel Reeves's Spring Statement.

He said: "Wages growing faster than prices. Jobs up. Inflation down. Interest rates down.

"NHS waiting lists down. Houses and infrastructure unblocked. Free breakfast clubs rolling out. National Living Wage increasing.

"National Minimum Wage increasing. Defence spending increased. 2 million more NHS appointments delivered.

"Housebuilding to be at the highest level in 40 years. People to be £500 a year better off.

"The Tories blocked change for Britain. My Labour Government is delivering it."

Nigel Farage fumes at Rachel Reeves as Reform warns mass migration leaves Britons feeling pinch - ‘They’re getting poorer!'

Nigel Farage has been left fuming at Rachel Reeves after warning the Chancellor that Britons will be poorer due to mass migration.

Speaking in the House of Commons after Reeves's Spring Statement, the Reform UK leader said: “Would the Chancellor agree that measuring growth, a relative wealth, by GDP is not the most relevant number to our constituents?

"Because we’re living in an age of mass immigration and a rising population, it is GDP per capita, surely, that matters to our constituents – and that has fallen consistently for the last two years and is falling still.

“Shouldn’t we tell people that actually they are getting poorer?”

Reeves, who earlier today claimed Britons would be £500 better off, fired back by pointing out that the Office for Budget Responsibility forecasts GDP per capita to increase by 5.6 per cent over the course of this Parliament.

She added: “If he ever gets to Clacton, he can tell his constituents that.”

The OBR forecasts that GDP per capita over the next couple of years will be 0.3 per cent growth in 2025, 1.5 per cent in 2026, 1.4 per cent in 2027, 1.3 per cent in 2028, and 1.4 per cent in 2029.

The OBR’s report also said that net migration into Britain will fall from 728,000 in the year to mid-2024, before falling to 258,000 net in mid-2027.

'It's an absolute DISASTER!' Richard Tice rages as he warns Britain 'heading towards recession'

Richard Tice has led Reform UK's attacks on the Chancellor following her address to the Commons today.

He told reporters: "This Budget is an absolute disaster. There will be no cuts to welfare, because they'll just kick it into the long grass.

"The summary for this Spring Statement is delusional. The OBR must have been eating magic mushrooms or something... The idea that you can halve your growth forecast this year and suddenly magic up a whole load of extra growth in subsequent years when the Chancellor is saying that it's all due to geopolitical global factors is a complete contradiction."

"We're heading towards recession," he added. "Scrap net zero, stop paying voluntary interest from the Bank of England on printed money, and cut wasteful spending - which, in fairness, Darren Jones has talked about. The question is: Will they actually deliver it? I doubt it."

'Excruciating sight' of Spring Statement won't make up for businesses', farmers' and job-seekers' woes - TaxPayers' Alliance

The TaxPayers' Alliance has joined a swelling outcry against the Chancellor in the wake of today's "excruciating" Spring Statement.

John O'Connell, chief executive of the campaign group, said: "The excruciating sight of a chancellor facing the consequences of her own actions will not provide any schadenfreude for businesses facing surging tax bills, job-seekers seeing opportunities evaporate, and farmers fearing for their livelihoods.

"Rachel Reeves has staked her credibility on fixing the public finances, delivering growth and protecting household finances, yet her devastating autumn Budget means she has completely lost the confidence of taxpayers in her ability to deliver.

"While the Chancellor is right that planning reforms could boost the economy, if she and her colleagues do not urgently change course on taxation and employment laws then the economic picture will remain bleak for many years to come."

How will the Spring Statement impact you?

At 7pm this evening, GB News is giving you the chance to speak directly with Political Editor Christopher Hope about how the Chancellor's announcements could affect you.

Get in touch: farage@gbnews.com

Badenoch: 'Something has to change... This is CHAOS!'

Kemi Badenoch has spoken to the media for the first time since the Spring Statement.

The Tory leader said: "It was all smoke and mirrors. I remember the last Budget when Rachel Reeves said she was smashing glass ceilings. Now it feels like the roof is falling over all our heads."

"Growth has halved. Even the forecasts, which she said were promising, are lower than what they were last year. Something has to change. This is chaos.

"We had a costed plan for welfare reforms, saving £5billion over the period. But there was more that we had put in our manifesto.

"We had a plan even before the election. They scrapped our plans. And then they've now rushed out, scrambling things together at the last minute because they were not ready for government.

"They might have been ready for an election, but they had no plan for the reality of government. And everything they're doing is in haste. It's at the last minute. It's not fully thought through."

Probed on her party's use of the "emergency Budget" attack line, Badenoch said: "It is an emergency Budget. She said she would only have one fiscal event a year, and she's had to have this because of the mess that she made with the last Budget."

Labour pushing small businesses to COLLAPSE, expert warns, as Spring Statement 'refuses to support' backbone of Britain

The Spring Statement's failure to support small businesses could break the backbone of Britain, an energy savings and small business expert has warned.

Rachel Reeves's 1.2 per cent National Insurance hikes will come into action from next month - after more than 200,000 small enterprises were forced to close between October and December 2024.

And now, Phil Foster, founder and CEO of Love Energy Savings in Bolton, has said: "The UK economy heavily relies on the success of small businesses, as they account for more than 99 per cent of all businesses and contribute significantly to employment and economic growth.

"Without action, we can expect to see the knock-on effect of their collapse.

"Refusing to extend any kind of support to small businesses as running costs and NI rises, shows that SMEs are an afterthought for this Government.

"The effect of the Autumn Budget is being felt by businesses after a torrid winter, and now the Spring Statement missed an opportunity to help struggling SMEs by refusing to develop a scheme that offers more manageable National Insurance costs."

Spring Statement plunges FIFTY THOUSAND children into poverty, Labour's own report reveals

An estimated quarter of a million people, including 50,000 children, would be pushed into relative poverty by the end of the decade as a result of welfare reforms, the Government’s own impact assessment has said.

"We estimate there will be an additional 250,000 people (including 50,000 children) in relative poverty after housing costs in 2029/30 as a result of modelled changes to social security, compared to the baseline projections," it says.

However, that estimate does not include the impact of the £1billion in annual funding by 2029/30 for measures supporting people into work “which we expect to mitigate the poverty impact”, the assessment says.

Donald Trump could wipe £30 BILLION from GDP, watchdog warns

More than £30billion could be wiped off Britain's GDP if Donald Trump imposes tariffs on the rest of the world, the OBR has warned.

The budget watchdog's report today says: "If global trade disputes escalate to include 20 percentage point rises in tariffs berween the USA and rest of the world, this could reduce UK GDP by a peak of 1 per cent and reduce the current surplus in the target year to almost zero."

With UK GDP currently standing at around £3.4trillion, such a reduction would fall at more at £30billion.

'Snatching crumbs from pensioners!' Unions join anti-Labour pile-on as bosses threaten 'action'

Sharon Graham, the Unite union's general secretary, has accused Labour of "snatching crumbs from pensioners" as part of the party's crackdown on welfare.

"Instead of snatching crumbs from workers, pensioners and the disabled, Labour should target the massive concentration of wealth built up by the richest one per cent," Graham said.

"A wealth tax, as well as fairer taxes on corporate profiteers and the highest earners, would deliver far more money than any cuts to benefits and public services.

"Workers and communities need the government to fight their corner.

"If the Government pushes down a path of austerity mark two, where yet again workers and communities pay the price, Unite will not stand by and watch it happen. We will do all in our power to fight for the future of jobs, services and our communities."

Speaker forced to intervene after Stride brands Chancellor 'gambler'

The Speaker of the Commons was forced to intervene after Shadow Chancellor Mel Stride branded Rachel Reeves a "gambler".

Stride had told the Commons: "The real black hole... is not the one the Chancellor invented, it is the one the Chancellor created. It’s not a central problem, the fact that this Chancellor is a gambler.

"Even with her fiddled fiscal targets, she left way too little headroom, way too little headroom. And is [it] not the truth, that whilst the Chancellor said at the last budget that that was a once-in-a-Parliament reset, she rolled the dice on a wafer-thin margin and she lost?

"Reckless with her fingers crossed, she fiddled the targets and she missed them."

Speaker Sir Lindsay Hoyle then stepped in to tell Stride: "I'm not sure about the language being used. I think there are better words and more constructive words the Shadow Chancellor would prefer to use."

Labour doubles down on Truss attacks as Reeves pokes fun at Badenoch's lunch choices

Rachel Reeves has launched a two-pronged attack on Kemi Badenoch and Liz Truss following Mel Stride's speech.

Turning to the current Tory leader, Reeves said: "I'm glad that she's still in her place. I know that she'll want to get back to her office for a lunchtime steak soon."

Then hitting back at Stride's "emergency Budget" jab, the Chancellor said: "The only emergency Budget we have seen in recent years was in response to the [Tories' mini-Budget]."

"They might have forgotten about the damage they did to our country, but the British people never will," she spat.

'The architect of her own misfortune!' Stride launches Spring Statement slap-down after Reeves's blame game

Shadow Chancellor Mel Stride has branded Rachel Reeves the "architect of her own misfortune" in a scathing rebuke to the Spring Statement.

Stride said that under the Conservatives, the UK economy was growing at the fastest rate in the G7 - but warned that Reeves has "failed to control spending and borrowing to date".

He also accused the Chancellor of blaming Donald Trump, Vladimir Putin and the Conservatives, adding: "This is her legacy".

"This is a consequence of her choices. She is the architect of her own misfortune," he said.

"Millions up and down the country" are now waiting in fear for the start of the new tax year, he said. "Even a basic economist knows that if you tax something, you get less of it."

"You don't need to have worked at the Bank of England for 10 years to know that. So what did the Chancellor tax? She taxed jobs and wealth creation.

"She destroyed livelihoods, businesses, clobbered big and small. Small companies. The backbone of our economy. Enterprise was crushed on the altar of her ineptitude."

HMRC overhaul confirmed as Rachel Reeves pledges to 'increase number of tax fraudsters charged by 20%'

Rachel Reeves has pledged to invest in clamping down on tax avoidance and fraudsters as part of a major overhaul to HMRC.

Reeves said she is boosting "investment in cutting-edge technology" for the Government's tax authority as Labour attempts to bolster Britain's faltering economic growth.

She said the Government is "investing in the HMRC's capacity to crack down on tax avoidance and setting out plans to increase the numbers of tax fraudsters charged ever year by 20 per cent".

READ THE FULL STORY HERE

Spring Statement comes to a close - as Starmer offers reassuring hand

That's it from the Spring Statement. Rachel Reeves has returned to her seat on the frontbench - where she has been offered what appears to be a reassuring hand by the Prime Minister.

Her shadow counterpart Mel Stride is now tearing into her announcements. We'll bring you updates from his responses as they happen.

Reeves confirms £2BILLION defence boost in major 'security' push as Chancellor talks up tech

Rachel Reeves has confirmed a £2.2billion-valued defence spending push today as part of a wide-ranging push for "security" in a "changing world".

"Today, I confirm that I will provide an additional £2.2billion for the Ministry of Defence next year, a further downpayment on our plans to deliver 2.5 per cent of GDP," the Chancellor said.

"This additional investment is not just about increasing our national security but increasing our economic security, too."

Reeves also said that 10 per cent of the defence budget will now be spent on "novel technologies" including drones and artificial intelligence.

The hike will take UK defence spending to 2.36 per cent of GDP in the 2025-26 financial year - however, that's still less than half Donald Trump's desired 5 per cent rate for his Nato allies.

Reeves takes £5billion-valued axe to welfare - but UK growth forecast DOWNGRADED in hammer blow to Labour pledge

Rachel Reeves has said that her cuts to Britain's welfare bill will save taxpayers almost £5billion, citing the Office for Budget Responsibility.

“Today, the OBR have said that they estimate the package will save £4.8bn in the welfare budget reflecting their judgements on behavioural effects and wider factors," she said.

“This also reflects final adjustments to the overall package, consistent with the Secretary of State’s statement last week, and the Government’s 'Pathways to Work' Green Paper.

“The Universal Credit Standard Allowance will increase from £92 per week in 2025-26 to £106 per week by 2029-30 while the Universal Credit Health element will be cut by 50pc and then frozen for new claimants.”

But she also confirmed that the OBR has halved Britain's growth forecast from 2 per cent to 1 per cent.

Reacting to those figures, the Chancellor told MPs: "I am not satisfied with these numbers. That is why we on this side of the house are serious about taking the action needed to grow our economy."

Universal Credit payments to be slashed as part of DWP overhaul, Spring Statement confirms

Drastic changes to Universal Credit payments have been confirmed by Chancellor Rachel Reeves during her Spring Statement this afternoon, following last week's announcement of reforms to the Department for Work and Pensions (DWP).

Work and Pensions Secretary Liz Kendall unveiled the Labour Government's plan to get more Britons back into the workforce, tightening eligibility criteria for benefit support.

During today's statement, Reeves revealed cuts to public expenditure which included a major overhaul to the status quo for the DWP.

READ THE FULL STORY HERE

Reeves prepares to fire off £14 BILLION in cuts after post-Budget economic turmoil

Rachel Reeves has warned that she will need to make an extra £14billion in spending cuts to mop up the turmoil in the wake of her October Budget.

The Chancellor said she would have broken her fiscal rules had she not taken the 11-figure "remedial measures" - or cuts.

"As a result of the steps that I am taking today, I can confirm that I have restored in full our headroom against the 'stability rule', moving from a deficit of £36.1billion in 2025-26 and £13.4billion in 2026-27 to a surplus of £6billion in 2027-28, £7.1billion in 2028-29 and £9.9billion in 2029-30," she said.

Her "fiscal headroom" would have ended up £4.1billion in deficit without the cuts, she added.

Earlier, Kemi Badenoch had accused the Chancellor of "scrambling to clean up the mess she made in October" - prompting a chorus of jeers from the Labour benches.

Rachel Reeves kicks off Spring Statement with 'global uncertainty' blame game

Rachel Reeves is delivering the opening lines of her Spring Statement.

The Chancellor has vowed to "bring change to our country" and deliver "a decade of national renewal".

But already, Reeves has blamed "global uncertainty" for Britain's economic woes.

"The threat facing our continent was transformed when Putin invaded Ukraine. It has since escalated further and continues to evolve rapidly," she told MPs.

"At the same time, the global economy has become more uncertain, bringing insecurity at home as trading patterns become more unstable and borrowing costs rise for many major economies."

Starmer pledges 'full confidence' in Rachel Reeves - as Spring Statement begins

Sir Keir Starmer has pledged his "full confidence" in Rachel Reeves - who has now stepped up to deliver the Spring Statement.

More to follow...

Ed Davey calls for URGENT review into the security of UK-US intelligence-sharing

Lib Dem leader Sir Ed Davey has called for an "urgent" review into the security of the intelligence Britain shares with the US following the news that a journalist was included in a senior Trump administration group chat.

Davey asked: "Will the Prime Minister order an urgent review into the security of the intelligence we share with the United States?"

Sir Keir Starmer replied: "We share intelligence with the US on a daily basis. [Davey] would like to think of himself as quite reasonable - and when he's not jumping into Windermere, quite serious - but unpicking our relations with the US on defence and security is neither reasonable nor serious!"

'He doesn't care!' Badenoch blasts PM on schools as Starmer side-steps Tory leader's questions

Kemi Badenoch has accused Sir Keir Starmer of not caring about discipline in schools - as well as side-stepping her questions.

She asked the Prime Minister: "Why did Labour MPs vote against banning phones in schools last week?"

Starmer replied: "Because it’s completely unnecessary. I’ve got teenage children. Almost every school bans phones in school.

“They do it already. We need to concentrate on what’s really important here, which is getting to the content that children shouldn’t be accessing. That’s where I would genuinely like to work across the House because I think there’s a huge amount of work to do.

Badenoch hit back: "He's not answering the question about discipline in schools because he doesn't care about discipline in schools.

"Everything he does is ideological and his decisions are costing schools so much."

PM launches into scathing take-down of Tory rule - 'A DECADE of stagnation!'

Sir Keir Starmer launched into a blistering attack on his predecessors in Government as PMQs got underway.

He told MPs: "Today's Spring Statement will showcase a government going further and faster on the economy, green-lighting the Lower Thames Crossing, investing £2billion for 18,000 affordable homes for working families, 60,000 young people being trained as the next generation of construction workers, and fixing millions of potholes.

"We are undoing a decade of stagnation to bring jobs and opportunities for working people, and securing Britain's future."

PMQs underway - Starmer faces grilling as Badenoch skewers 'emergency Budget'

Prime Minister's Questions has begun - and Sir Keir Starmer is facing a grilling ahead of the Spring Statement.

Already, Kemi Badenoch has labelled Rachel Reeves's impending address an "emergency Budget". The Tory leader said: "The Home Secretary's husband calls it an emergency Budget... The Chancellor is scrambling to clean up the mess she made in October."

Starmer departs Downing Street - PMQs to follow

Just before Rachel Reeves left No11, Sir Keir Starmer was spotted leaving No10.

Like the Chancellor, the Prime Minister was all smiles as he left his official residence - and he is set to face a PMQs grilling in just a few minutes' time.

PICTURED: Rachel Reeves leaves No11

Labour rebels queue up to blast Rachel Reeves as left-wing firebrand MP issues direct message to Chancellor

Another Labour rebel has laid into the Government today as just two hours remain until Rachel Reeves addresses the Commons.

Clive Lewis, writing on social media, blasted: "We've been here before. Under the false banner of 'balancing the books', successive governments slashed support for those who needed it most - while the wealthiest hoarded obscene profits.

"Disabled people were scapegoated, marginalised, and made to fight every inch for what should have been guaranteed rights. This cannot happen again. Not on our watch. Because we should know by now you cannot balance the books on broken backs.

"Welfare is not charity. It is solidarity. It is the mark of a decent society. And when that safety net is torn apart, it is not only disabled people who suffer - but the very foundations of our shared humanity that begin to unravel.

"So I say this to the Chancellor: we do not accept anyone's austerity. We do not accept the targeting of disabled people to pay for an economic crisis they did not cause.

"And we will not sit quietly while the basic right to live with dignity is eroded for the sake of arbitrary fiscal rules designed to protect the interests of the wealthy."

Diane Abbott launches into furious anti-Labour tirade as spending cuts loom - 'It's not migrants cutting your universal credit!'

Leading Labour rebel Diane Abbott has launched into a scathing tirade against her own party's spending cuts just a few hours before the Spring Statement.

Writing in socialist outlet the Morning Star, Abbott said: "Starmer has made a lot of inappropriate noise about Labour being the party of those in work, as if it is any part of working-class culture to throw those not in work to the wolves. That is the ideology of an entirely different class.

"That is why unease, revulsion and anger in the Labour Party over these measures stretches far beyond the somewhat diminished ranks of the Labour left.

"In fact, it stretches way into the centre and even beyond.

"The various groupings in Labour (Labour Together, Blue Labour, red wall Labour and possibly more) who want to blame all society's ills and Labour's very poor polling on immigration have had the ground cut from under them at a stroke.

"It is not migrants who are cutting your universal credit, and it is not asylum seekers who will make you do work capability assessments until you drop. Shamefully, it is a Labour Government."

Reeves's inflation reprieve set to crumble by 'awful April', analysts warn

Rachel Reeves's unexpected inflation boost today is set to crumble in the coming months, analysts have warned.

Electricity bills, council tax, National Insurance and water bills will all rise for households and businesses next month - which has already been dubbed "awful April".

"Awful April risks kick-starting inflation again," Sarah Coles, head of personal finance at Hargreaves Lansdown, said.

"The energy price cap is forecast to go up by £85 to £1,823, which would be its highest level since the beginning of last year. This is on top of rises in everything from water bills, up £123 on average, to council tax, up an average of £109.

"The Bank of England is expecting inflation to peak at 3.7 per cent later this year."

Meanwhile, trade group the British Retail Consortium (BRC) has warned that food inflation is likely to rise this year thanks to Labour's tax changes.

Kris Hamer, the BRC's director of insight, said: "There was good news as some dairy products such as milk, cheese and eggs all saw price drops on the month.

"Heavy clothing and footwear discounting continued into February, as fashion sales continue to suffer due to unseasonal weather throughout the month.

"Food inflation has jumped significantly in recent months and is forecast to hit 5 per cent by the end of 2025 as a result of the costs arising from the budget."

Pound slumps ahead of Spring Statement as markets brace for Reeves's 'tough' address

The pound slumped against the euro and dollar this morning as global markets braced for Rachel Reeves's first Spring Statement as Chancellor.

Against the euro, Britain's currency fell to €1.195 from €1.2 between 7am and 8.30am, while against the dollar, it dropped from $1.295 to $1.29.

The pound has since stabilised out of freefall - and we'll bring you live updates on international currencies' reaction to the "emergency Budget" as they happen.

Defence Secretary John Healey - who, unlike the majority of Labour Ministers, will see a huge departmental spending boost today - has warned that the Spring Statement will be "tough". However, he said, these are "tough times".

"It will be a tough, strong statement in tough times," Healey said. "The Chancellor will set out this afternoon that the world is changing, our task is to secure Britain's future and that's why she is making an extra £2.2billion available for defence."

'It's about to get WORSE!' Finance expert issues dire warning as clock ticks on Spring Statement

Working Britons are about to be hit with "hundreds of pounds" of "harmful and unfair" tax hikes, a finance expert has warned ahead of the Spring Statement.

Greg Marsh, CEO of household money-saving tool Nous.co, said: "Working families are being hit by Rachel Reeves' harmful and unfair stealth taxes. The Government is playing politics to avoid negative headlines around tax hikes. But make no mistake - taxes are increasing.

"For a typical working household, it's going to cost hundreds of pounds over the next few years. This is the last thing people need after years of soaring bills.

"The pressure on household finances isn't going anywhere. In fact, it's about to get worse.

"April price rises are going to leave households hundreds of pounds poorer once again this year - on top of the cost of higher taxes."

Defence Secretary: £500m in extra welfare cuts a 'must-do for any responsible government'

Defence Secretary John Healey has warned that an expected £500million in extra welfare cuts is a "must-do for any responsible government".

Probed on the figure by Times Radio, Healey said: "That's a calculation we may see confirmed by the Office for Budget Responsibility about the longer-term savings that our plans to change the welfare system may bring.

"That's a must-do for any responsible government, particularly one that believes in the importance of our social security system."

"You can't have a benefits system that is failing people and out of control in this way.

"That's why the plans that Liz Kendall laid out last week, and that you'll hear more from the Chancellor this afternoon in the Spring Statement, are so important.

"We want the social security system to work. It's got to be there to support the poorest, but it's also got to be there to make sure those who can work are able to do so."

'Working families will pay the price!' - Tory top dogs issue chilling warning as Britain faces down 'devastating' £36billion tax raid

The Conservative Shadow Chancellor and Shadow Business Secretary have issued a pair of chilling warnings to Britain ahead of the spring statement.

Reacting to this morning's inflation figures, Mel Stride, the former said: "Inflation remains higher than when Labour took office and the Bank of England expect it to rise over the coming year.

"We left Labour with inflation bang on target. But since their no-strings-attached union payouts, record tax rises and borrowing splurge, they have pushed up the cost of living.

"The Chancellor's choices have saddled the country with higher inflation for longer. Unless she takes urgent action at her emergency budget today, working families will continue to pay the price."

It comes as a National Insurance increase, a freeze on income tax thresholds, and a hike in stamp duty are set to batter the country with a £36billion-valued tax rises in a single week.

That figure will also include a near-£500million increase in the windfall tax, £415million in vehicle excise duty hikes, and £250million by charging a higher interest rate on overdue tax bills.

Shadow Business Secretary Andrew Griffith said: "There's no amount of preparation to help anyone be ready for the £36billion tidal wave of tax and similar increases breaking over the heads of businesses and households next week.

"This Government doesn't understand that growth only comes from the productive private sector - not by taxing and regulating more."

Treasury reacts to inflation figures as Labour doubles down on protecting triple lock

Responding to this morning's inflation figures, Treasury Chief Secretary Darren Jones said: "Our number one mission is kickstarting growth to raise living standards for working people. That is why we are protecting working people's payslips from higher taxes.

"In a changing world, we're focused on delivering economic stability to secure people's finances - freezing fuel duty, protecting the triple lock and increasing the national living wage by £1,400 a year for full-time workers, while going further and faster to drive growth through our Plan for Change."

Inflation drop fuelled by women's clothes, economists say - but alcohol prices surge

This morning's unexpectedly low CPI inflation rate has been driven by women's clothes getting cheaper, the ONS has said.

The office's chief economist, Grant Fitzner, said: "Inflation eased in February. Clothing prices, particularly for women's clothes, was the biggest driver for this month's fall.

"This was only partially offset by small increases, for example, from alcoholic drinks."

BREAKING: Chancellor handed inflation lifeline as CPI rate DROPS to 2.8%

The rate of Consumer Prices Index inflation fell to 2.8 per cent in February from 3 per cent in January, the Office for National Statistics has said.
We'll bring you live reaction to the news ahead of the spring statement. More to follow...

Jeremy Corbyn leads left's assault on Labour's looming spending cuts - 'It's a DISGRACE!'

Jeremy Corbyn has branded Labour's welfare cuts a "disgrace" ahead of the party's first spring statement under Sir Keir Starmer today.

The firebrand independent MP told Sky News that many of his ex-colleagues are "very upset" with the cuts - and has demanded Rachel Reeves "think again".

He also blasted Starmer's time in Downing Street an "enormous disappointment", adding: "I never thought I'd hear the day when a Chancellor would get up and say they're taking £5billion out of the income of the very poorest disabled people in our society. It is a disgrace."

While "the word austerity will not be passing lips of any ministers tomorrow" that is the reality of the situation, he warned.

Corbyn spat: "If you're saying you're going to take figures - I've heard 7 per cent, I've heard other figures - out of the department's budget, what does that mean?

"You can't do all that by efficiency. That means jobs being lost, or it means services being cut, or it means both."

He added that Labour MPs who "initially weren't keen" on speaking to him after his return to Parliament as an independent MP have now told him they are "very upset" - and has urged them to speak out rather than "pass the buck".