Chancellor Rachel Reeves was this week hit by a growing Labour party backlash over her plans to cut state spending and news that the economy shrank in January. After seven months in the job, a YouGov poll found just one in nine voters think she is doing a good job.

The UK’s economic forecast has been slashed amid downgrades for the wider global outlook as experts warned over a hit to world growth and rising inflation sparked by the mounting trade war. The Organisation for Economic Co-operation and Development (OECD) cut its predictions for UK growth to 1.

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