Doom, gloom and not much headroom: Spring Statement

Rachel Reeves was forced to slash spending to balance the books in her Spring Statement this week. Welfare spending will be cut more deeply than initially trailed, prompting warnings that 250,000 people — a fifth of them children — could be plunged into poverty. Economists also fear the chancellor will face further tough choices — more cuts or a fresh tax raid — in the autumn. Host Lucy Fisher is joined by the FT’s George Parker and Stephen Bush, as well as economics commentator Chris Giles to discuss the winners and losers, and the main economic takeaways. The panel also examines the impact of Donald Trump’s escalating tariff war on Britain and the global economy.

Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher, Stephen Bush @stephenkb.bsky.social, @stephenkb George Parker @GeorgeWParker @georgewparker.bskyb.social, Chris Giles @chrisgiles.ft.com

Have a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us.

Want more? Free links:

From miserable to mediocre: the Reeves challenge continues

Spring Statement did not stem the fiscal doom loop

Reeves’ repair job avoids tax increases – for now

Ministers play down likely rise in poverty from UK welfare cuts, says charity

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Presented by Lucy Fisher. Produced by Lulu Smyth. The executive producer is Manuela Saragosa. Original music and mix by Breen Turner. The FT’s head of audio is Cheryl Brumley.

Read a transcript of this episode on FT.com

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