Rachel Reeves leaves 11 Downing Street to deliver the spring statement.Rachel Reeves insisted her plans for the UK economy are “working” despite having to make billions of pounds of public spending cuts to plug a massive hole in the nation’s finances.The Office for Budget Responsibility said economic growth will be just 1% this year - half what they forecast six months ago at the Budget.Delivering her Spring Statement, the chancellor also confirmed that reforms to the welfare system will not save as much money as the government had hoped - forcing her to make a further £500m of cuts.However, Reeves was able to announce that the OBR has upgraded its forecasts for economic growth for the next five years, hitting 1.8% in 2029.And although inflation is now expected to average 3.2% this year - up from the 2.6% the OBR said last autumn - it will fall to 2.1% in 2026.The OBR also said that households will be on average more than £500 better off than they are now by the time of the next election.Reeves said: “The OBR confirm that our plan to get Britain building will drive growth in the economy and put more money in people’s pockets.“There are no quick fixes, but we have taken the right choices now. Returning s