Rachel Reeves is set to unveil billions of pounds worth of cuts in her spring statement, in what could be one of the most pivotal moments in her career. The chancellor had hoped her speech might be simply a straightforward update on the state of the country’s finances. But faltering economic growth and higher than expected borrowing figures, combined with her pledge not to raise taxes after her multi-billion pound raid in last year’s Budget, have raised the stakes.Here, we take a look at what she is expected to announce – and the political fault lines it could trigger. Benefits cuts Ms Reeves is set to cut the benefits bill by £5bn, as she scrambles to find savings to meet her own strict borrowing rules. Documents published alongside the spring statement will also for the first time reveal how many people are set to be affected, potentially reigniting a sharp backlash among Labour MPs. There is speculation that the expected one million people set to lose out will actually be closer to two million. That risks triggering an another outcry from Labour MPs, many of whom are already concerned that the party will be accused of balancing the books on the back of some of the poorest in society. There will also be scrutiny of the how much the axe will fall on Personal Independence Payments (PIP), which are not linked to work, but designed to help with extra costs incurred due to a disability. Others, however, have complained that the cuts do not go far enough, given the country’s spiralling welfare bill. Chancellor of the Exchequer Rachel Reeves will deliver her spring statement on Wednesday (Anthony Devlin/PA) More