00:00The Cabinet met in Downing Street this morning, a day later than usual, to coincide with the Chancellor's spending review.
00:08This sets the budgets for government departments across Whitehall for the coming years,
00:13and has left some ministers feeling much happier than others.
00:16Are you getting off the NHS?
00:18It's a great spending review.
00:19Health Secretary Wes Streeting had good reason to be pleased with Rachel Reeve's spending commitments.
00:24The NHS will receive an extra £30 billion of funding over the next three years, a rise of around 2.8% in real terms.
00:33Two funding commitments had already been announced in the days before the review,
00:37the restoration of winter fuel payments for pensioners, and a multi-billion-pound investment in nuclear energy.
00:44Today is not a budget day, so there was no red box photo-op for Rachel Reeves outside number 11,
00:50but the choices she makes in this spending review will shape the country's direction of travel until 2029.
00:57Rachel Reeves!
00:58Yeah!
00:59She was in a bullion's mood as she took her place at the dispatch box.
01:03In this spending review, total departmental budgets will grow by 2.3% a year in real terms.
01:11Compare that to the Conservative choice of austerity.
01:15In contrast to our increase of 2.3%, they cut spending by 2.9% per year in 2010.
01:25The Chancellor confirmed defence spending will increase to 2.6% of GDP by April 2027,
01:32as the government inches closer to its target of 3%.
01:36A new era in the threats that we face demands a new era for defence and security.
01:43That's why we took the decision to prioritise our defence spending by reducing overseas development aid,
01:50so that defence spending will now rise to 2.6% of GDP by April 2027,
01:57including the contribution of our intelligence agencies.
02:00£39 billion will be made available for social and affordable housing over the next decade,
02:06as the government hopes to meet its target of building 1.5 million new homes by the next election.
02:12£15.6 billion has been set aside for public transport projects in England's city regions,
02:18plus £445 million for Wales' railways and a further £3.5 billion of investment
02:26to upgrade the Trans-Pennine Rail route that links York, Leeds and Manchester.
02:31And day-to-day funding for schools will increase by £4.5 billion a year.
02:36Last week, this government announced that free school meals will be extended to over half a million more children.
02:45That policy alone will lift 100,000 children out of poverty.
02:49And because I know that a good start in life does not just start at school,
02:54I can also announce £370 million for school-based nurseries.
02:59Immigration remains a hot topic of debate,
03:02and the Chancellor has had long negotiations with Home Secretary Yvette Cooper.
03:06Today, the Home Office got this.
03:08The party opposite left behind a broken system.
03:12Billions of pounds of taxpayers' money spent on housing asylum seekers in hotels,
03:18leaving people in limbo and shunting the cost of failure onto local communities.
03:24We won't let that stand.
03:26So I can confirm today that, led by the work of my Right Honourable Friend, the Home Secretary,
03:32we will be ending the costly use of hotels to house asylum seekers in this Parliament.
03:39Big spending commitments then, but the Conservatives claim the numbers just don't add up.
03:44This spending review is not worth the paper that it is written on.
03:49Because the Chancellor has completely lost control.
03:55This is the spend now, tax later review.
04:00Because the Right Honourable Lady knows she will need to come back here in the autumn with yet more taxes.
04:07The Institute for Fiscal Studies says Rachel Reeve's spending review
04:11could be one of the most significant domestic policy events of this Parliament.
04:16Increasing spending, capital spending, particularly on things like infrastructure and energy,
04:20should be good for growth, but in the long run.
04:24And this is why I think it's very good that we've got a government focusing on things that will help the economy,
04:30you know, probably mostly after the next election.
04:33So it's politically a brave thing to do and the right thing to do,
04:37but we won't really reap the rewards for some time to come, but the rewards will be there.
04:42Today's announcements are a big moment for the Chancellor and for the first Labour government in almost a generation.
04:48But ministers know they will be judged not just on whether these promises can be delivered,
04:53but also on whether people will actually feel better off as a result.
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05:04Thanks.
05:05Have a questions asked.
05:06Thank you all.
05:07Thanks.
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