The Institute for Fiscal Studies is warning that the chances of Reeves meeting her fiscal rules are "a coin toss"
The think tank says that more tax rises might come in the Autumn Budget, with director Paul Johnson saying: "there's a good chance that economic ... forecasts will deteriorate"
The warning comes as Chancellor Rachel Reeves says the UK is speaking to the US to try and make a deal that would avoid the implementation of 25% tariffs on cars and car parts
Earlier, the government's forecaster halved its growth projection for the year to 2025 and warned Reeves that UK and global economic uncertainty could derail her plans
The chancellor says there will be a £9.9bn surplus in day-to-day spending in five years but the OBR says it is a "very small margin" and risks are heightened by "significant uncertainty" in the UK and global economy
How could the Spring Statement affect you? Our cost of living correspondent breaks down the changes
Rachel Reeves asked if she has concerns about Trump's car tariffs
Image source, UK ParliamentReeves turns now to the fiscal rules she set out in October Budget - calling them "non-negotiable".
She says they will bring "stability" to the economy and "security" for working people.
She refers next to Liz Truss's mini-budget, saying the British people have seen what happens "when a government borrows beyond its means".
The chancellor says the government's task is to "secure Britain’s future in a world that is changing before our eyes".
The threat transformed when Putin invaded Ukraine, a situation which has since escalated further, she says.
Reeves says the global economy "has become more uncertain" and that borrowing costs are on the rise "for many major economies".
Reeves begins her statement by casting back to Labour's general election victory.
She says the party was elected to bring about change, security for working people and to deliver a decade of national renewal.
Emily Atkinson
Live page editor
Prime Minister's Questions has just ended, which means it's time for Chancellor Rachel Reeves to deliver her Spring Statement.
Earlier, she told a meeting of cabinet that the announcement would "reflect a slowing outlook for global growth", according to a Downing Street readout.
We're expecting Reeves to speak for 20-30 minutes. Mel Stride, her Tory counterpart, will then respond for the opposition.
We'll be covering it all with live updates and expert analysis on this page - follow along by tapping the watch live button above.
Image source, PA MediaWe're now minutes - or perhaps even seconds - away from the Spring Statement. Before that gets going, here's a quick digest of how PMQs unfolded:
Education:
National Insurance
Disability
Security
The front bench is now changing over - standby.
Image source, UK ParliamentThe SNP's Stephen Flynn asks the PM about the planned reforms to welfare and speaks about his own long-term disability, telling the Commons: "I know how it feels."
He goes on to say that 55% of children living in poverty in Scotland have a member of their household who is disabled.
Can the government explain how making their parents poorer is going to lift them out of poverty, he asks.
Starmer says a member of his own family had a disability - the PM has often spoken about his late mother's health struggles. He says the government must help those who can work get into a job, he adds.
We will hear more about the government's plans for welfare during the Spring Statement shortly.
Damian Grammaticas
Political correspondent
Image source, UK ParliamentInside the Commons chamber you can already tell the stakes are high for Chancellor Rachel Reeves simply by the volume level, which is definitely dialled up as PMQs gets under way.
Starmer begins with a pre-emptive defence of the government, saying the Spring Statement will show they are going "further and faster". Cue cheers and groans in equal measure from the opposing sides of the House.
Badenoch begins her questions with a sideswipe at the chancellor and what’s coming after PMQs, calling it “an emergency budget”.
The Tories are characterising it as that so they can paint the government as scrambling to have a second go at how they handle the public finances since they came to power.
Cue more cheers and groans.
This isn’t a Budget with tax-raising measures but the decisions on cuts in it will be important for many. The statement will also help define how the government is seen in the world outside Parliament and among MPs too.
Image source, UK ParliamentLiberal Democrat leader Ed Davey now puts his two questions to the prime minister.
He first asks about the digital services tax and online safety legislation in light of the recent Netflix drama, Adolescence, which touches on the impact of social media on young people.
Davey asks the PM to commit to ensuring British laws on tax and social media are "written in this House and not the White House".
"Of course - as he well knows," Starmer replies, adding that new measures will be coming in the next few months.
Davey's second question is around a recent incident where a journalist was added to a US group chat in which senior figures discussed military action in Yemen.
Starmer says the UK works with the US on a "daily basis" but unpicking relations with the US would not be "responsible".
Henry Zeffman
Chief political correspondent
While everybody is focused on the Spring Statement, a reminder at PMQs that the political and economic consequences of October’s Budget are still unfolding.
Among a set of questions themed around education, Kemi Badenoch demanded that Keir Starmer do more to protect schools from the impact of the increase in the employer’s rate of national insurance - which she labelled a “jobs tax”.
This was one of the most significant parts of the Budget, but it still has not taken effect – it will come into force at the start of the new tax year, which begins next week.
Badenoch again says teachers' jobs are not guaranteed to be safe. She says under the Tories, English schools shot up the international league tables, but in Wales standards fell.
She asks if the prime minister can point to any evidence that "discredited" academy reforms will improve school standards.
Starmer says the vast majority of schools are already academies, and says the opposition needs to instead think again about why some are failing.
He then says the previous Conservative government left them with an NHS on its knees, open borders and crashed the economy.
Badenoch asks Starmer if he can guarantee that no teacher will lose their job as a result of the "jobs tax".
Starmer says a record amount of money is going into schools and other public services, and claims Badenoch wants "all the benefits" of Labour policies but can't say how she will pay for it.
Badenoch says Starmer is not answering the question about discipline in schools - because he "doesn't care".
She says his approach to schools is "purely ideological". She asks whether schools will be compensated for an upcoming National Insurance increase that will cost schools, as they will have to pay more tax on teachers' wages.
"The education secretary promised to compensate schools in full for the jobs tax. Why hasn't it happened?" she asks.
Starmer responds that his teenage children both go to state schools, so he is invested in it, and that's why he's driving up standards.
Image source, UK ParliamentBadenoch now says mobile phones disrupt half of GCSE classes every day.
Discipline is the number one issue in many schools, she says.
Starmer says that, under the Tories, a third of children started school without appropriate development levels - such as not knowing how to use a knife and fork and not having good enough maths and English.
Badenoch pushes again on Labour not introducing a ban on phones in schools - claiming only one in 10 is smartphone free.
She cites teachers as saying schools with a ban have better results.
Starmer says: "We need to ensure that all schools do this - but the vast majority do."
He again says the important thing is controlling the content children are able to access regardless of where they are.
Image source, UK ParliamentAfter a lot of jeering, Starmer replies, telling Badenoch that Labour MPs voted not to ban phones in schools last week because it's "unnecessary".
Schools already do it, he says, and the important thing at stake is ensuring children don't have access to harmful content online. He says he is willing to work across the Commons to achieve that.
Image source, UK ParliamentBadenoch begins by calling the Spring Statement an "emergency Budget", saying Reeves is scrambling to fix the "mess" she has made.
She says even the Home Secretary Yvette Cooper's husband - TV presenter Ed Balls - calls it an emergency Budget.
Badenoch then asks why Labour MPs voted against banning phones in schools last week.
Image source, UK ParliamentKeir Starmer takes his place at the dispatch box and PMQs gets under way.
We'll be bringing you updates throughout and you can follow along by pressing watch live at the top of this page.
Reeves's statement is expected to begin immediately afterwards - stick with us.
Emily Atkinson
Live page editor
We’re nearing the first of the day's big set piece events: Prime Minister's Questions, which gets going at midday.
It may well be a tamer affair than usual as MPs save their strength for the chancellor’s address at 12:30 GMT.
As always, we're in it for the long haul, bringing you live updates and analysis on all the action.
With just 10 minutes to go, here are three key things you need to know:
Where’s it happening? The House of Commons in Westminster
How long will it go on for? The chancellor’s up first - she'll speak for around half an hour. The Tories' Mel Stride will then offer his response.
Where can you watch it? On BBC iPlayer and/or on this page - just tap watch live above.
Dharshini David
Deputy economics editor
Image source, EPAThe chancellor may cut £10-£15bn from her future spending plans, to meet her own self-imposed rules.
Big numbers, but a small proportion of the total - way over £1tn - the government spends every year.
The axe will be focused on a few areas. Rachel Reeves will provide more detail on how the planned savings of £5bn to welfare spending, outlined last week, breaks down.
Hundreds of thousands of people are set to lose thousands in PIP and universal credit payments.
Civil service jobs could also be under threat due to plans to cut Whitehall administration budgets.
And there could be a few billion pounds more siphoned off from the amount earmarked for future public services.
Once the government’s priority areas such as defence and health are accounted for departments like justice, transport and higher education may fail to see future budgets keep up with inflation.
But we'll have to wait until June's Spending Review for that detail.
Henry Zeffman
Chief political correspondent
How is the sudden addition of some more welfare cuts beyond those announced last week going down among Labour MPs?
Not well.
It’s important not to overstate the scale of the internal opposition to what was announced last week. There was fairly wide unease among Labour MPs from all wings of the party.
But concerted and vocal opposition was mostly confined to those who disagree with Keir Starmer and Rachel Reeves on a host of issues.
This morning, though, there is real frustration - and in some cases, hot anger - from those Labour MPs who stayed publicly loyal and had difficult conversations with anxious constituents and annoyed activists.
Many of them want to understand what changed in the past week which meant that the package could not have been announced in full by Liz Kendall last week.