Spending review 2025: key points at a glance
The chancellor talks up the government's economic record and the decisions made at the budget. She makes the obligatory mention of the Conservatives' '14 years of mismanagement and decline' and the supposed £22bn fiscal hole. 'We are renewing Britain,' she says – while accepting that many Britons 'have yet to feel it'. This spending review will change it, she says.
Reeves says the review is 'time for parties opposite to make their choices', adding that the spending and investment she will unveil is only possible because of tax choices in the autumn budget and the revised fiscal rules, which the Conservatives opposed. They must make 'an honest choice' on whether to support the extra money, she says.
Reeves says overall departmental spending will rise by 2.3% a year in real terms, contrasting her 'Labour choices' with what she calls the destructive legacy of austerity. That is the overall figure, but some departments will still feel a squeeze, even with what the chancellor says is an extra £190bn in day-to-day spending over the parliament.
Related: Rachel Reeves delivers spending review and says use of hotels for asylum seekers to end 'in this parliament'– UK politics live
On the first set of specifics, Reeves sets out already-announced details of increased spending on defence and security, making sure to stress the boost to jobs in the sector, particularly in Scotland.
Reeves says the new Border Security Command will receive up to £280m more a year by the end of the spending-review period. She also promises that all spending on hotels for asylum seekers waiting for their cases to be heard will stop by the end of this parliament.
In more 'news we have largely already been told', Reeves sets out what she says will be £30bn in investment in nuclear power, of which about half will go to the Sizewell C reactor. She also announced new money for small modular nuclear reactors, and for research into nuclear fusion. There is also confirmed funding for a carbon capture project in Aberdeenshire.
While this isn't necessarily an announcement, Reeves's long digression into the importance of steel made in the UK can be seen at least partly in the context of Nigel Farage's recent forays into pushing for reindustrialisation.
In a mixed bag of announcements, the chancellor says there will be £2bn more for investment in artificial intelligence; an increase in funding for the state-run British Business Bank; and up to £1.2bn a year by the end of the parliament for skills training for young people.
Now we get to the bigger news. As saved up for release the day before the spending review, Reeves sets out what she calls the 'biggest cash injection into social and affordable housing in 50 years', saying it is worth £39bn over the next decade.
Also partly briefed in advance, Reeves talks about investment in rail, airports and buses, including a boost to Northern Powerhouse Rail and East West Rail, and funding for the Midlands rail hub, as well as a £400m-plus investment in Welsh rail projects (the last not unconnected to next year's Senedd elections). She says she will provide a fourfold increase in local transport grants for areas outside London, and that Transport for London will get a four-year spending deal. Finally, she promises a change to Treasury rules to allow for more spending across the regions.
This involves £350m for facilities such as parks, libraries and swimming pools in a series of towns. Reeves lists a few, the bulk of which appear to be represented by Labour MPs.
The chancellor says she will increase police spending by 2.3% a year in real terms. This sounds reasonably significant, but police organisations seem likely to insist the increase will not properly help protect services, and it was the home secretary, Yvette Cooper, who had the longest and toughest pre-review fight with the Treasury. Reeves also mentions the previously announced £7bn to finance 14,000 new prison places.
Almost skated over in the address, Reeves confirms she will fully honour the Labour manifesto commitment of a £13.2bn fund to fix draughty homes and install heat pumps and solar panels. The chancellor does not mention this as an environmental measure, but as a way to, she says, save people an average of £600 a year in bills.
Also already announced, but in the absence of any plan to end the two-child benefit cap it gives Reeves the chance to talk about reducing child poverty. She also announces £370m for schools-based nurseries and £555m to stop children going into care when it can be prevented.
Reeves sets out what she says will be £2.3bn a year to fix and maintain existing schools, and £2.4bn on building new schools.
The chancellor saves this until last, bringing cheers from Labour MPs by promising a real-terms 3% a year addition to spending on the health services over the parliament, saying this will amount to an extra £29bn in spending overall.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Warren Buffett's Top 7 Money Mistakes (And What He Learned From Them)
Warren Buffett didn't build his more than $100 billion fortune by being perfect. In fact, the Oracle of Omaha has been surprisingly candid about his biggest financial flubs over the decades. The good news is his mistakes offer valuable lessons for anyone trying to build real, sustainable wealth. Plus, they prove that even legendary investors are just humans who get it wrong sometimes. Welcome to the club! Find Out: Read Next: Here are Buffett's top money mistakes and, more importantly, what he learned from them. Buffett's investment in U.K. grocer Tesco shows how hesitation can turn small problems into major losses. Berkshire owned 415 million shares by 2012, but when concerns about management surfaced, Buffett sold only part of his position for a $43 million profit. When Tesco later overstated profits and shares collapsed, his delayed action cost Berkshire $444 million in after-tax losses. 'An attentive investor, I'm embarrassed to report, would have sold Tesco shares earlier. I made a big mistake with this investment by dawdling,' Buffett said. Speed matters in damage control. When red flags are abundant, sometimes quick decisive action means you avert a financial disaster. Learn More: Believe it or not, Buffett has called Berkshire Hathaway 'the dumbest stock I ever bought.' He purchased what was, at the time, a failing textile company because he felt insulted during a sale negotiation. Instead of walking away from Berkshire Hathaway as planned, his wounded pride led him to buy the entire business and fire the previous owner. The financial cost was enormous. Buffett said his holding company would be 'worth twice as much as it is now' if he'd stuck to his original plan of investing in insurance companies instead. This single emotional reaction cost him decades of better returns. The takeaway is clear: Never let personal feelings influence money decisions. When you feel personally slighted in a financial deal, that's exactly when you need to step back, take a breath and think logically. In 1993, Buffett thought Dexter Shoes had lasting competitive advantages that would protect its profits. Within a few years, those advantages evaporated and the company became worthless. Buffett explained: 'What I had assessed as a durable competitive advantage vanished within a few years.' This loss taught him that 'a truly great business must have an enduring 'moat' that protects excellent returns on invested capital.' Companies need permanent moats — like unbeatable brands, exclusive technology or cost advantages — that competitors can't easily copy. Without sustainable protection, any successful business will eventually attract competitors who'll drive profits to zero. The key is finding businesses whose advantages will last decades, not just a few good years. This mistake still haunts Buffett. Despite owning Geico insurance, which spent millions on Google advertising, he completely missed the search giant's investment potential. He had firsthand evidence of Google's business model working but failed to connect the dots. 'I made the mistake in not being able to come to a conclusion where I really felt that at the present prices, the prospects were far better than the prices indicated,' Buffett admitted. His reluctance to venture beyond familiar territory cost him one of the greatest investment opportunities in history. The lesson here is about missed opportunities. Sometimes the best investments are hiding in plain sight, but we ignore them because they seem too complicated or unfamiliar. Buffett's $9 billion acquisition of Lubrizol Corporation became an issue when it emerged that David Sokol, a Berkshire executive who recommended the deal, secretly owned stock in the company. Sokol made $3 million from the transaction without disclosing his conflict of interest. The oversight violated insider-trading rules and hurt Berkshire's reputation. At the 2011 annual meeting, Buffett said he should have asked better, more direct questions about Sokol's involvement. The lesson? Trust but verify, especially when large sums are involved. Even with people you've worked with (or simply known) for years, asking uncomfortable questions can prevent you from making mistakes. When crude oil hit $100+ per barrel in 2008, Buffett jumped into ConocoPhillips stock expecting energy prices to keep climbing. Instead, he bought at the peak and watched the investment lose billions as oil crashed. This demonstrates how even smart investors can get caught up in market excitement. 'When investing, pessimism is your friend, euphoria the enemy,' Buffett has said. When everyone is optimistic about a sector, prices often reflect that optimism, leaving little room for profit. Buffett learned that great companies can still be terrible investments if you pay the wrong price. Market euphoria creates expensive stocks, while pessimism creates bargains. The best time to buy is when others are selling, not when everyone else is buying too. U.S. Air's impressive revenue numbers looked very attractive in 1989, so Buffett bought preferred shares. Bad news for Buffett, those revenues came with a hidden cost. Airlines need constant capital to grow, buying new planes and expanding routes, leaving little for shareholders. By the time the airline achieved meaningful profits, debt payments ate up most of the returns. The company couldn't even pay dividends on Buffett's preferred stock. He got lucky selling at a profit later, but knew it was pure chance. This taught him to distinguish between real growth and expensive growth. As Buffett said, 'Investors have poured money into a bottomless pit, attracted by growth when they should have been repelled by it.' Some businesses need to spend huge amounts just to increase sales, leaving shareholders with nothing. The lesson is: If it looks too good to be true, it just might be. What makes Buffett extraordinary isn't his perfect track record, it's his willingness to admit errors publicly and extract valuable lessons from them. Each mistake became a teaching moment that improved his future decisions. His Google miss made him more open to technology investments, eventually leading to major positions in Apple. His ConocoPhillips overpayment reinforced his discipline about buying only at attractive prices. His Dexter Shoes loss sharpened his focus on truly durable competitive advantages. The real wisdom isn't avoiding all mistakes. Unfortunately, that's impossible. It's learning from failures quickly and adjusting your approach. Buffett's biggest errors became steppingstones to better investing, not permanent setbacks. For the rest of us, it's a lesson in endurance. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 10 Used Cars That Will Last Longer Than an Average New Vehicle 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Warren Buffett's Top 7 Money Mistakes (And What He Learned From Them) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Island MPs share concern over Assisted Dying Bill after House of Commons vote
THE Isle of Wight MPs have expressed concern over the passing of the Assisted Dying Bill. The bill, which was backed by a majority of MPs, allows terminally ill adults with a life expectancy of less than six months to end their lives. Despite warnings from opponents about the safety of the legislation, the bill took another step in the parliamentary process after being approved by 314 votes to 291 in the House of Commons yesterday (Friday). Labour's Isle of Wight West MP, Richard Quigley, consistently voted against the bill at every stage. Read more: Following the news of its passing, Richard said: "This bill was always going to be emotional, but it was never about winning or losing, but having the chance to debate. "We have done that and the bill has now passed. "My opposition is based on the belief the safeguards, particularly around the so-called 'anorexia loophole,' are not robust or comprehensive enough." He urged the House of Lords to apply "rigorous scrutiny" to the bill as it progresses. Richard stressed the importance of examining every aspect of its implementation, paying close attention to the risks and unresolved unintended consequences. The Isle of Wight East MP, Joe Robertson, also voted against the bill. He shared his concerns, saying: "I voted against the Assisted Dying Bill — not because I am against the principle of wanting to relieve suffering, but because there are too many loopholes, too few safeguards and potential for unintended consequences." Joe, with great experience in the legal profession, criticised amendments made to the bill since the last vote — particularly the replacement of a role for a High Court judge with a 'panel' of professionals, with no power to summon witnesses. He said: "It means judges can decide whether a child has been coerced into wanting to spend time with only one parent (in divorce proceedings), but not whether a grandparent has been coerced into wanting to end their life (under assisted dying laws). "As a former family lawyer, I find this both perverse and dangerous." The concerns raised by both MPs reflect the apprehensions of a significant number of opponents who believe the bill was rushed through without adequate consideration of the potential risks. The bill will now move to the House of Lords for further scrutiny.
Yahoo
an hour ago
- Yahoo
Instant Withdrawal Online Casinos 2025: Lotus Asia Adds New Fast Payout Options
Lotus Asia has introduced a broad range of fast payout options to allow players to access withdrawals faster. This aligns with the growing demand for quicker, more flexible payout options. London, June 21, 2025 (GLOBE NEWSWIRE) -- Lotus Asia has introduced new payout options that prioritize player peace of mind and safety. This leading company has rolled out more advanced payout options, such as digital currency and e-wallet options, to make the deposit and withdrawal processes flexible and seamless. The upgrade reflects Lotus Asia's continued support of fostering a gaming environment that puts players first. Casino fanatics are now in control of their gaming experience from start to end. As such, the online gaming giant has prioritized performance and flexibility over profits and financial gains while introducing transparency policies that match their smooth gameplay. Payout convenience and speed have also become focal points in the new rollout, as no player wants to experience delays while accessing their winnings. Having identified the shift early, Lotus Asia is embracing top-tier technology to provide all gamers a wide range of fast payout Gaming options In addition to the newly rolled payment options, Lotus Asia goes above and beyond to offer all players unforgettable memories of discovery, excitement, and joy. From inception, gamers are received warmly in a vibrant gaming world where quality matches variety. Whether one is a fan of modern video slots or 3-reel slots, the online gaming maestro offers immersive themes that match the mood of each player. To top it off, table game fanatics have not been left behind, with a classy selection of poker, blackjack, baccarat, and roulette versions that keep them returning for more. Lotus Asia guarantees captivating entertainment, fair outcomes, and smooth gameplay at all times. Slot fanatics can enjoy a wide array of games such as Wild Berry, Dragon's Cave, Age of Spartans, and Big Game Safari, which are paired with vivid graphics and engaging features. Additionally, classic game lovers are considered through iconic 3-reel slots such as Red, White & Blue and Wild Sevens. Big win thrill seekers are treated to jackpot slots like Major Moolah and Legends of Avalon, which offer life-changing opportunities with each bet. Most importantly, the games are curated to deliver quality sound effects, fair results, and smooth gameplay with a personalized and polished bonuses and offers The online gaming platform has also curated offers and bonuses that are more than marketing tools—they are a show of appreciation. A simple and direct signup process is complemented by a warm 200% welcome bonus worth up to $1,500. Furthermore, the bonuses invite you to enjoy and explore a vibrant gaming experience from the outset. Seasonal, weekly, and daily promotions are curated to keep the experience full of surprises, rewards, and excitement. A 150% midweek bonus and 250% weekend bonus form a core part of the weekly and daily bonuses that keep the adventure alive. Lotus Asia has added a personal touch to make the offers even more exciting. The online gaming giant has also introduced cashback, special bonuses, and free spins to ensure each gamer feels appreciated, seen, and valued. Over and above the bonuses are more than just numbers — they show a commitment to fostering a gaming community that values each player. Additionally, Lotus Asia has curated a VIP program that fastens withdrawals, exclusive gifts, and tailor-made with trusted software providers Behind the immersive games is an elite team of industry experts in software development that balances excitement and creativity. Moreover, teaming up with renowned gaming providers such as Saucify, BetSoft, and Rival Gaming guarantees top-tier graphics and engaging gameplay. These software developers have created a reputation for attention to detail, casino-like atmospheres, and cinematic graphics. Each game, from classic table games to animated slots, mirrors their passion for fun and fair gameplay. Moreover, the software providers have similar values to Lotus Asia, ensuring that player interests are always prioritized. Saucify contributes through quality game mechanics and unique themes, while Betsoft delivers stunning 3D graphics paired with smooth gameplay. To top it all, collaborating with established software providers guarantees a platform fueled by a growing game library that aligns with players' global needs. Seamless deposit and withdrawal options As mentioned in the introduction, player convenience and comfort come first at Lotus Asia—this is backed by secure banking options. Whether a player is making withdrawals for the first time or depositing funds, the process is swift, safe, and simple. Furthermore, gamers can pick from a wide array of existing options, including platforms such as Skrill, MasterCard, Visa, and even ecoPayz. Deposits are also processed hassle-free, so gamers can experience the vibrant platform instantly, while the immersive design makes transactions stress-free from start to finish. Lotus Asia stands out from the pack due to the trust and respect they accord all their players, newbies and experienced players alike. To make matters even better, the online gaming platform offers payout options such as e-wallet and digital currency, allowing gamers quick access to rewards and winnings. Sleek interface and mobile gaming Lotus Asia has invested heavily in a well-curated interface that is responsive and intuitive, allowing players to find features, favourite games, and manage their accounts with ease. Additionally, the mobile gaming version is as captivating and smooth as the desktop version and can be accessed via Android and iOS devices. No downloads are needed, so Casino lovers can access top-class entertainment at home or on the go. Moreover, Lotus Asia has introduced regular notifications that allow gamers to be in touch with their favorite games at all times. The entire casino experience is driven by care and quality on the desktop and mobile gaming platforms. About Lotus Asia Lotus Asia is an online gaming casino that provides players with a vibrant and exciting gaming experience through games such as Baccarat, Roulette, and Blackjack. The online gaming giant has set high standards for how players access online casino games and access their payouts. Livechat: Email: support@ Disclaimer & Disclosure Notice This release is for informational purposes only and is not intended as a solicitation or offer to buy, sell, or engage in any gaming or wagering activity. The content herein is not directed at residents of jurisdictions where online gambling is restricted or prohibited by law. All players are responsible for complying with their local laws and regulations regarding online gaming. While efforts have been made to ensure the accuracy and reliability of the information provided, no guarantees are made concerning the completeness, timeliness, or correctness of the details presented. Game availability, bonus amounts, payment processing times, and service features may vary based on location, user eligibility, or platform updates. Any errors or omissions are unintentional. This publication may include forward-looking statements or promotional descriptions based on publicly available information at the time of writing. Readers are advised to conduct independent research before engaging with any service, product, or platform mentioned. The publisher of this announcement and its distribution partners are not responsible for any losses, damages, or adverse outcomes that may arise from the use or misuse of the information provided. No warranties are expressed or implied. This content may include affiliate links. If a reader clicks on such a link and completes an action (such as signing up or making a deposit), a commission may be earned at no additional cost to the user. These commissions support the maintenance and distribution of this content. This is not a statement of endorsement or validation by any newswire partner, distributor, or content syndication outlet. All trademarks and brand names are the property of their respective owners. CONTACT: Livechat: Email: support@ in to access your portfolio
