UK Chancellor trims spending plans in face of slowing economy

British Chancellor Rachel Reeves cut the government’s plans for spending increases on Wednesday to get back on track towards her fiscal targets, but risks in the world economy could raise the prospect of UK tax hikes later this year.

The country’s budget watchdog halved its forecast for economic growth in 2025 and said a catch-up towards the end of the decade would not make up all of the difference. It