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Chancellor Rachel Reeves has set out her plans for the UK economy during the Spring Statement in the House of Commons.

It comes as the Office for Budget Responsibility (OBR) - which monitors the government's spending plans - unveils its latest economic forecasts.

Here is a summary of the main points.

Welfare changes

Incapacity benefits under universal credit (UC) to be halved and cut for new claimants
It comes after official forecasters said a package of cuts announced last week would save only £3.4bn in 2030 rather than £5bn initially claimed by ministers
The package included a stricter eligibility test for personal independence payments (Pips), the main disability benefit, from November 2026
Incapacity benefits to be frozen in cash terms for existing claimants at £97 per week from April next year, with a top-up payment for those with the most severe conditions
Those aged under 22 will no longer be able to claim the incapacity benefit top-up of universal credit

Economic forecasts

The Office for Budget Responsibility (OBR) has downgraded predicted growth for this year from 2% to 1%
But it has upgraded estimated growth for the next four years, to 1.9% next year, 1.8% in 2027, then 1.7% in 2028, and 1.8% in 2029
Inflation forecast to average 3.2% this year, up from 2.6% previously forecast, before falling back to 2.1 in 2026
Inflation expected to hit 2% government target from 2027

Defence spending, which had been due to rise £2.9bn next year, to increase by a further £2.2bn
The Treasury says this will take military expenditure to 2.36% of national income next year, a "down payment" on plans to raise it to 2.5% by 2027
Ministers say the spending will be funded by reducing overseas aid from 0.5% to 0.3% of gross national income in 2027, and from the Treasury's reserves

Target to reduce the administrative costs of government departments by 15% by 2030
About 10,000 civil service jobs are expected to go, including staff working in HR, policy advice, communications and office management