U.K.’s Reeves outlines spending review with focus on housing Investing.com -- British Chancellor Rachel Reeves outlined her spending review on Wednesday, highlighting increases in departmental spending and major investments in social housing, defense, and infrastructure. Reeves began by criticizing the previous Conservative government’s "14 years of mismanagement and decline" and the £22 billion fiscal hole they allegedly left behind. She stated that while many Britons "have yet to feel" the economic renewal promised by Labour, this spending review would change that. According to Reeves, overall departmental spending will rise by 2.3% in real terms annually, amounting to an extra £190 billion in day-to-day spending over the parliament. She framed these as "Labour choices" that contrast with what she called the "destructive legacy of austerity." On defense and security, Reeves confirmed previously announced spending increases, emphasizing the boost to jobs in the sector, particularly in Scotland. The Border Security Command will receive up to £280 million more annually by the end of the spending review period. Reeves also pledged to end all spending on hotels for asylum seekers by the end of this parliament. For energy, Reeves outlined £30 billion in investment for nuclear power, with approximately half allocated to the Sizewell C reactor. Additional funding was confirmed for small modular nuclear reactors, nuclear fusion research, and a carbon capture project in Aberdeenshire. The Chancellor announced £2 billion more for AI investment, increased funding for the state-run British Business Bank, and up to £1.2 billion annually by the end of the parliament for youth skills training. In what Reeves called the "biggest cash injection into social and affordable housing in 50 years," she committed £39 billion over the next decade for social housing. Transportation investments include boosts to Northern Powerhouse Rail, East West Rail, and the Midlands rail hub, plus over £400m for Welsh rail. Local transport grants for areas outside London will see a four-fold increase, and Transport for London will receive a four-year spending deal. Reeves also promised changes to Treasury rules to allow more regional spending. The review includes £350 million for local amenities such as parks, libraries, and swimming pools in various towns, many of which appear to be represented by Labour MPs.

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