Former Bank of England deputy warns Rachel Reeves against kneejerk cuts

Charlie Bean says OBR forecasts are flaky' and cautions against trying to hit targets five years away

The former Bank of England deputy governor Charlie Bean has warned the chancellor against making kneejerk cuts in next week's spring statement to try to hit fiscal targets that are five years away.

Rachel Reeves is preparing to slash spending, including on disability benefits, in response to weaker forecasts from the independent Office for Budget Responsibility (OBR) - prompting a backlash from within her own party.