Rachel Reeves targets 'wasteful spending' as departments challenged to find 5% savings

Chancellor: Welfare system is unsustainable and needs reform

The chancellor says the welfare system "needs reform", as more than 40 MPs have written to Prime Minister Sir Keir Starmer urging him to pause and reassess planned cuts to disability benefits. Rachel Reeves adds, "the current levels of people going onto these benefits is not sustainable". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Reeves hails UK-US trade deal for British industries

Rachel Reeves has hailed the new UK-US trade deal as being a "good deal" for sectors such as car manufacturing, aerospace, life sciences and steel. The chancellor adds the agreement is a "big improvement from where we were a month ago". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Chancellor welcomes interest rate cut

Chancellor Rachel Reeves has welcomed the cut to interest rates announced by the Bank of England. Interest rates have gone from 4.5% to 4.25%. Ms Reeves said: "We have had four interest rate cuts now in ten months. It's so important that this government has returned stability to the economy." Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn