Reeves to set out spending plans up to next election
Summary
Rachel Reeves, the Chancellor, will announce a spending review for the UK government, detailing how funding will be allocated to public services like the NHS, schools, and police over the next few years. The plan includes investing extra money in infrastructure projects but may also involve budget cuts in some areas. The spending review covers up to the next general election, with a focus on funding health and defense, and aims to manage government costs and debt.Key Facts
- Rachel Reeves will present a spending review for UK public services covering up to the next election, likely in 2029.
- An extra £113 billion will be spent on infrastructure projects like energy and transport.
- Some government departments might face budget cuts to prioritize health and defense.
- The plan includes extending the £3 bus fare cap in England until March 2027.
- The review is influenced by slow economic growth, high borrowing costs, and global instability.
- Ministers have been negotiating with Reeves over department funding, with final deals made recently.
- The plan aims to fund day-to-day costs with tax income and reduce national debt over the next five years.
- The government has committed £39 billion to social and affordable housing, aiming to build 1.5 million homes by 2030.
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