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In an address to the House of Commons, Rachel Reeves unveiled a substantial increase of £29bn annually for the NHS, as well as additional funding for defense and housing projects as she presented her outlined spending plans for the upcoming years. Each department’s allocation for day-to-day expenditures from 2026 to 2029 and investments extending to 2030 were detailed by the chancellor during her speech.
Despite promising security, economic growth, and a “future-ready” NHS, some departments, such as the Foreign Office and the environment department, will experience budget constraints on their day-to-day operations. Mel Stride, the Conservative shadow chancellor, criticized the spending review, labeling it as a “spend now, tax later review” and forewarning of impending tax hikes in the autumn Budget.
The culmination of extensive negotiations between Reeves and her cabinet colleagues resulted in the spending review, after weeks of deliberations. Prolonged discussions with Housing Secretary Angela Rayner and Home Secretary Yvette Cooper concluded just on Sunday and Monday respectively. Rayner’s department secured a hefty £39bn over the course of 10 years for social housing projects in England. Additionally, police force funding is set to increase by 2.3% by 2029, inclusive of potential contributions from council tax. Reeves also pledged to phase out the utilization of hotels to house asylum seekers by the end of the parliamentary term in 2029.
Among the significant changes, the NHS budget will witness a 3% annual increment for the upcoming three years to cover day-to-day operational expenses. Unfortunately, several departments are facing diminished budgets – the Foreign Office is looking at a 6.9% annual decrease, particularly in aid spending; Transport is set to experience a 5% reduction annually over the next three years, as does the Environment department which will see a 2.7% decrease. Other notable policy announcements preceding the spending review include substantial sums allocated for science and technology projects, transportation upgrades amounting to £15bn, and an extension of free school meals to more children, projected to cost £1bn
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