Chancellor Rachel Reeves is set to deliver her Spring Statement on March 26, where she will update on the UK economy and forecast future developments. Despite previous commitments to avoid raising taxes, Reeves is under pressure to address the government's financial situation. Significant spending cuts, including reducing welfare expenses and government running costs by 15%, are anticipated. Additionally, changes to tax policies for large firms may arise to mitigate trade tariffs from the US, indicating a complex landscape of economic decision-making amid global pressures.
Reeves has committed to one major economic event each year - the Budget, while the Spring Statement is not considered a major financial event.
The chancellor will likely announce spending cuts and significant changes for saving money, with a goal of reducing government running costs by 15%.
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