Reeves Plans UK Spending Cuts After Budget Call Gone Wrong (1)

WhenRachel Reeves rises to the dispatch box in the House of Commons on Wednesday to deliver her spring statement, the Chancellor of the Exchequer aims to fix a risk of her own making that backfired after her inaugural budget: leaving too small a buffer against her self-imposed fiscal rules.

To an audience of hostile opposition MPs and facing skepticism from some of her own Labour backbenchers, Reeves will announce billions of pounds of spending cuts to restore the margin she enjoyed in October against her main budgetary target requiring taxes to cover day-to-day spending.

Her headroom was the third-smallest ...