Reeves says her plan is working as growth forecast cut for this year

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Chancellor Rachel Reeves has said her economic plan is working in an "uncertain" world, although the growth estimate for the UK has been lowered for this year. The government's official forecaster, the Office for Budget Responsibility (OBR), cut its expected growth rate for 2026 to 1.1% from the 1.4% it predicted in last year's Budget, but has upgraded estimates for later years. Reeves announced the figures in her Spring Statement, adding the OBR now expected inflation to be lower this year

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