Spring statement live: Rachel Reeves set to slash benefits further to plug £1.6bn budget black hole

Key points

• Spring statement - today's agenda 08:43 , Bryony Gooch 9am - Sir Keir Starmer to host a Cabinet meeting 11.20am - Rachel Reeves leaves No 11 Downing Street 12pm - Prime Minister's Questions 12.30pm - Spring statement starts 1.30pm - Shadow chancellor responds to spring statement 2.30pm - Office of Budget Responsibility Chair gives livestream press conference, meanwhile Rachel Reeves goes on defence-related visit 4.15pm - Rachel Reeves to give a press conference Reeves admits 'further and faster' action is needed to kickstart growth 08:30 , Bryony Gooch Rachel Reeves will admit that further and faster action is needed to kickstart growth in the UK as she delivers her spring statement.
• Prices fell faster for children's clothing in February (down 2.5 per cent year-on-year) than they did in January (down 0.4 per cent), as they did for fridges and freezers (down 7.5 per cent in February, down 0.6 per cent in January); for washing machines, dryers and dishwashers (down 3.7 per cent in February, down 0.4 per cent in January); and for coffee machines and tea-makers (down 8.9 per cent in February, down 5.6 per cent in January).
• Annual inflation slowed in February for a range of groceries, including olive oil, up 11.2 per cent compared with a steeper rise of 16.6 per cent in January; coffee, up 8.6 per cent compared with 11.6 per cent; confectionery, up 2.7 per cent compared 5.7 per cent; and tea, up 1.0 per cent compared with 4.3 per cent, while yoghurt swung from positive inflation in January (up 1.3 per cent) to negative in February (down 1.2 per cent).
• Inflation also accelerated for ice cream (up 4.9 per cent year-on-year in February, up 2.2 per cent in January); soft drinks (up 3.6 per cent February, up 2.8 per cent January); and fresh or chilled fruit (up 3.8 per cent February, up 3.0 per cent January), while sugar swung from negative annual inflation (down 2.1 per cent) to positive (0.8 per cent).
• In pictures: Cabinet ministers arrive at Downing Street ahead of spring statement 09:03 , Bryony Gooch (James Manning/PA Wire) (REUTERS) (James Manning/PA Wire) Rachel Reeves 'set to impose further welfare cuts worth £500m' 08:57 , Bryony Gooch Rachel Reeves is reportedly gearing up to make further cuts to the welfare system after the UK's budget watchdog warned the reforms would save over £1bn less than forecast.