India, March 26 -- The UK Chancellor of the Exchequer will deliver the Spring Statement in the House of Commons on Wednesday.
Markets expect Chancellor Rachel Reeves to tighten the fiscal policy by GBP 10 billion. Reeves is likely to reduce spending plans instead of introducing new tax hikes.
Business lobbies urged Chancellor to take measures to support exports, investment and recruiting as they are battered by higher national insurance and minimum wage bills.
The Spring statement will be accompanied by the forecasts for the economy and public finances. The Office for Budget Responsibilities is likely to downgrade its growth projections and lift its inflation outlook. The announcement is due at around 8.30 AM ET.
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