# The UK government halved its 2025 growth forecast as it made billions of pounds of spending cuts to shore up the public purse in the face of economic headwinds. The Spring Statement spending update came as the Labour government, elected in July after a landslide election win, faces sluggish economic growth and rising borrowing costs. Britain’s economy is expected to grow by just one-percent this year, revised down from an estimate of two-percent made in late October when Labour gave its inaugural budget.
UK government halves economic growth forecast, cuts billions in spending