The Latest Breaking News from Rachel Reeves

The UK could be poised to cut billions of pounds from its welfare spend as the Treasury takes the view that there is less room for manoeuvre in the finances than hoped. Only last October, Chancellor Rachel Reeves believed she had almost £10 billion of so-called “fiscal headroom”, essentially a…

Since the 1980s Britain’s military spending has grown in real terms, yet more than half of military jobs have been lost. The sector is hi-tech and low labour, says Khem Rogaly, a senior research fellow at the thinktank Common Wealth

Downing Street said there has been an ‘unsustainable rise in welfare spending’ and reforms will be set out in ‘the coming weeks’.

The current level of £20,000 allowed per person could be cut by 80 per cent