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flag UK Chancellor announces welfare cuts and defense spending hikes amid economic growth downgrade.

flag UK Chancellor Rachel Reeves announced cuts to welfare spending and defense spending increases, while the Office for Budget Responsibility (OBR) downgraded the UK's 2025 growth forecast to 1%, from 2%. flag The OBR also warned of a higher chance of tax hikes this autumn due to limited buffer in public finances, predicting inflation will average 3.2% this year. flag The statement included plans to combat tax evasion and simplify tax formalities.

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