According to a report by the Financial Times, UK's Chancellor of the Exchequer Rachel Reeves is set to release a projection from the Office for Budget Responsibility. The forecast, which will be presented on Wednesday, is anticipated to reduce Britain's expected growth in 2025 from 2% to approximately 1%.

Reeves will also disclose during her spring statement that the previously held fiscal buffer of 9.9 billion pounds ($12.79 billion) has been exhausted, leaving a deficit of around 4 billion pounds, as per sources familiar with the matter cited by FT.

The treasury department of Britain has not yet responded to requests for comments during non-business hours.

(1 pound is equivalent to $0.7739)

(Reporting by Shubham Kalia in Bengaluru; Editing by Christopher Cushing)