Analysis: Unpicking the Chancellor's Spring Statement

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ITV News' Robert Peston and Paul Brand react to Rachel Reeves' forecast, which was overshadowed by the war in the Middle East. Chancellor Rachel Reeves claims Labour has "restored economic stability" despite downgraded growth forecasts for 2026 and rising unemployment. Delivering her spring statement to MPs in the House of Commons on Tuesday, Reeves said the government has "the right economic plan for our country", and that she believes families will feel "better off" by the next election. But she also announced economic growth is forecast to slow in 2026, and unemployment is set to peak later this year at 5.3%. The US-Israel war with Iran means that any narrow improvements in the economy and the Office for Budget Responsibility's forecasts are likely to be overturned, with a spike in oil and gas prices likely to lead to higher inflation and energy prices. -------------------------- For more of the biggest news stories in the UK and around the world, visit the ITV News YouTube channel: http://bit.ly/2lOHmNj   • Subscribe to ITV News In Full on YouTube: https://www.youtube.com/@ITVNewsInFull  • Get breaking news and more stories at: http://www.itv.com/news   • Follow ITV News on TikTok: https://www.tiktok.com/@itvnews?lang=en   • Follow ITV News on Instagram: https://www.instagram.com/itvnews/   • Follow ITV News on Facebook: https://www.facebook.com/itvnews/   • Follow ITV News on X: https://twitter.com/itvnews

Published 2026-03-03 · Watch on YouTube ↗
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