The Spring Statement reveals a lack of significant new policies from the Treasury, which is responding to slower economic growth and rising borrowing costs. The Chancellor, Rachel Reeves, has limited the ability to increase government borrowing, exposing limitations in fiscal policy. With expectations of no immediate tax increases, there are questions about future funding, particularly regarding rising defense expenses. Economists anticipate possible tax rises in the autumn, signaling an evolving economic landscape as the Chancellor highlights changes in global economics and their impact on tax strategy.
"The reality is that this course correction would likely to have been required even before President Trump transformed global diplomacy and trade."
"We will hear a lot from the chancellor about how 'the world has changed'."
"Some economists do expect tax rises in the autumn, in particular to meet rising defence spending."
"There will not just be no red box outside Number 11, there will only be a 'thin book' of new policies with a 'light scorecard' of measures."
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