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The Guardian Politics3 Mar 2026

Unemployment set to hit 5.3% this year amid ‘worrying’ rise in young jobless

OBR raises forecast from 4.9% and downgrades UK’s growth prospects for 2026 – while also warning of war uncertainty Unemployment in the UK is set to peak this year at a higher rate than previously estimated, with a “worrying” increase in young people being out of work, the government’s official forecaster has said. The Office for Budget Responsibility (OBR) said unemployment will peak at 5.3% this year, up from its previous forecast in November of 4.9%. Continue reading...

EconomyDefence
The Guardian Politics3 Mar 2026

Reeves’s spring statement? The economy is great, don’t worry about the Middle East

With no spending or fiscal commitments to offer, the chancellor kept it short, sweet and just a little tin-eared When your luck is out, your luck is out. Time to accept what the fates have to throw at you. It was always going to be a bit of a stretch for Rachel Reeves to maintain she had a brilliant plan and the economy had never been in better health when the figures show a fall in growth and a rise in unemployment. Unless you happen to think those things aren’t so bad after all. To do so three

Economy
The Guardian Politics3 Mar 2026

Rachel Reeves claims UK economy can beat forecasts again – is she right? Our writers discuss

The chancellor insists Labour has ‘the right economic plan’ for a world that has become ‘yet more uncertain’ Continue reading...

Economy
The Guardian Politics3 Mar 2026

Reeves’s talk of stability may be misplaced amid Iran war turmoil

Attempt to project calm in spring forecast may be short-lived if living costs and unemployment keep climbing Reeves insists Labour has ‘right economic plan’ Business live – latest updates “This government has restored economic stability,” Rachel Reeves told the House of Commons on Tuesday. Yet the chancellor was speaking just moments after MPs had been hearing from the foreign secretary, Yvette Cooper, about plans to evacuate British nationals from the escalating conflagration in the Middle E

PoliticsEconomyDefence
The Guardian Politics3 Mar 2026

‘I’m concerned the Iran war might drive up living costs’: Britons respond to Reeves’s spring forecast

The chancellor’s statement offered little new on tax or spending, but readers voiced concerns about rising costs Business live – latest updates Action to tackle student loan debt, clarity about what the Middle East crisis will mean for the UK economy, cheaper borrowing, more scrutiny of supermarket prices … Readers who took part in a Guardian callout before the spring forecast had plenty of things on their wishlists. In the event there were no major tax or spending measures announced, and some

EconomyDefence
The Guardian Politics3 Mar 2026

Spring forecast: Reeves insists Labour has ‘right economic plan’ as 2026 growth downgraded

Chancellor says she is in close touch with Bank of England governor and is meeting energy companies amid soaring oil and gas prices Business live – latest updates Rachel Reeves insisted Labour has “the right economic plan” for a world that has become “yet more uncertain” as she delivered a spring forecast that downgraded growth for this year. The chancellor was addressing MPs against the backdrop of surging energy prices, as investors fret about the impact of the spiralling conflict in the Mid

PoliticsEconomy
The Guardian Politics3 Mar 2026

Spring forecast: Rachel Reeves to insist government has ‘right economic plan’, as Middle East crisis threatens inflation spike – live updates

Rolling coverage of the latest economic and financial news, including the UK’s spring forecast Rachel Reeves’s plans could be hit by Middle East conflict, say economists Soaring global energy prices as a result of the widening Middle East conflict will jeopardise Rachel Reeves’s plan to conquer inflation and rekindle growth, economists have warned as she prepares to deliver her spring forecast later today. Responding to the latest projections from the independent Office for Budget Responsibili

EconomyDefence
The Guardian Politics3 Mar 2026

Rachel Reeves’s plans could be hit by Middle East conflict, say economists

Warning comes as OBR projections in the spring forecast are expected to show public finances moving in the right direction Soaring global energy prices as a result of the widening Middle East conflict will jeopardise Rachel Reeves’s plan to conquer inflation and rekindle growth, economists have warned as she prepares to deliver her spring forecast later today. Responding to the latest projections from the independent Office for Budget Responsibility (OBR), the chancellor will insist she has “the

EconomyDefence
The Guardian Politics2 Mar 2026

MPs’ basic salary to rise to £110,000 by end of parliament, watchdog says

Ipsa cites abuse and constituency workloads as reasons for above-inflation increase of 5% over next financial year The basic annual salary of MPs will rise to £110,000, the expenses watchdog has said, on the grounds of increased abuse and intimidation as well as growing constituency workloads. This year, MPs’ basic pay will rise by almost £5,000, a jump of 5% over the next financial year to £98,599 – and will reach £110,000 by the end of the parliament. Continue reading...

PoliticsEconomy
The Guardian Politics2 Mar 2026

UK slashes climate aid programmes for developing countries

Exclusive: Schemes worth hundreds of millions of pounds to protect biodiversity and oceans likely to be substantially reduced UK programmes to protect nature and the climate in developing countries are suffering swingeing budget cuts despite ministers’ promises, the Guardian has learned. The cuts belie the government’s claims to be fulfilling international obligations on climate finance and are veiled behind a system that experts have slammed as opaque. The cutting and partial closure of the £10

EconomyEnvironment
The Guardian Politics2 Mar 2026

UK house prices rise in February as chancellor avoids ‘negative speculation’

Rachel Reeves’ upcoming spring forecast has not led to slowdown, as property tax rumours did in November Business live – latest updates UK politics live – latest updates House prices in the UK increased in February as Rachel Reeves avoided a repeat of the pre-budget “negative speculation” that depressed the market, as she prepares to present the spring forecast on Tuesday. The average price of a home rose to £273,176 last month, up 0.3% from the month before, Nationwide said. It matched Janua

PoliticsEconomyHousing
The Guardian Politics1 Mar 2026

OBR a backseat driver with out-of-date maps, thinktanks tell Rachel Reeves

Chancellor urged to reform Office for Budget Responsibility to open way to more public investment Rachel Reeves must reform the Office for Budget Responsibility (OBR) to open the way to more public investment, an alliance of thinktanks has argued ahead of the chancellor’s spring forecast on Tuesday. With Keir Starmer’s government under intense pressure after Labour’s defeat by the Greens in Thursday’s Gorton and Denton byelection, the thinktanks called on Reeves to review the watchdog’s remit.

PoliticsEconomyEnvironment