Rachel Reeves is expected to slash billions of pounds from the welfare bill and other government budgets as she battles to balance the books. The Chancellor’s room for manoeuvre is believed to have been wiped out by global turmoil and sluggish economic growth. But she faced calls not to become "Labour's Austerity Chancellor" as speculation mounting over major spending cuts in the Spring Statement. The Treasury was due to present plans for big-ticket items like tax and public spending to the