Rachel Reeves will deliver her inaugural Spring Statement as Chancellor, unveiling a £2.2 billion increase in defence expenditure.

This additional funding, partially offset by reductions in PIP payments and international aid, will be allocated towards improving weaponry.

Reeves will assert that the enhanced military investment is essential to “secure Britain’s future in a world that is changing before our eyes”. Nevertheless, the Chancellor is also anticipated to reveal significant cuts across other sectors, as the Office for Budget Responsibility (OBR) confirms that the £10bn surplus she had anticipated for last autumn's Budget has vanished.

In a further setback for Reeves, the OBR will revise its UK economic growth projection for this year downward from 2% to 1%.