Rachel Reeves, Britain’s chancellor of the exchequer, laid out her Spring Statement, a sort of mini-budget. With official forecasters lowering the economy’s expected growth rate this year to 1% and the government facing high borrowing costs, Ms Reeves announced further cuts to incapacity benefits and stricter eligibility requirements for disability allowance. This, she said, would allow her to keep within her fiscal rules. There were no tax rises, and defence spending was increased. Annual inflation was forecast to come in at 3.2% in 2025, up from a previous estimate of 2.6%.