Rachel Reeves leaves Downing Street

Rachel Reeves has left Downing Street and made her way to the Commons for the Spending Review.

The Chancellor will deliver her statement to MPs in Parliament.

What time is the Spending Review?

Rachel Reeves will take to the despatch box in the Commons at 12:30pm, after Prime Minister's Questions.

You can watch her speech in our steam above, which will go live at 12:30pm. The Chancellor will set out how much each department has been allocated in her spending plans over the next few years. Billions of pounds will be splashed on the NHS, schools and tech, but some areas are expected to face painful cuts.

We will first see Ms Reeves at around 11am, where she is expected to leave Downing Street for the parliamentary estate.

Financial markets are treading water ahead of the Spending Review

Financial markets are treading water ahead of the Spending Review, The Mirror's Head of Business Graham Hiscott writes.

By mid-morning, the FTSE 100 was up around 12 points at 8,865. A positive reaction to what Chancellor Rachel Reeves has to say could propel the index of the UK’s biggest listed companies to a record high. Its all-time high was 8,908.82 points in March, while its best-ever closing level was 8,871.31, also in March.

That said, the FTSE 100 is dominated by multinationals that make much of their money overseas, so are less impacted by UK domestic issues.

A better gauge of reaction to the Spending Review could be the more UK-focused FTSE 250, which was up more than 76 points at 21,465.88 by mid-morning.

House builders were among the biggest risers on the index ahead of Ms Reeves’ expected announcement on a big boost to social housing.

Another key focus will be on gilt yields, or the cost of UK government borrowing. The yield - rate - on 10-year gilts nudged up to 4.6% by mid-morning. On 30-year gilts, the yield was broadly flat.

Rachel Reeves says Spending Review will help 'renew Britain'

Chancellor Rachel Reeves says Spending Review will help 'renew Britain' ahead of statement today.

She is expected to tell the Commons later: “This Government is renewing Britain. But I know too many people in too many parts of the country are yet to feel it.

“This Government’s task – my task – and the purpose of this Spending Review – is to change that. To ensure that renewal is felt in people’s everyday lives, their jobs, their communities.

“So that people can see a doctor when when they need one. Know that they are secure at work. And feel safe on their local high street.

“The priorities in this Spending Review are the priorities of working people. To invest in our country’s security, health and economy so working people all over our country are better off. That is what this Spending Review will deliver.”

Top ministers arrive at No10 to sign off Spending Review

Keir Starmer is currently hosting a Cabinet meeting at No10 to sign off Rachel Reeves's Spending Review. Here are some images of top ministers - including Work and Pensions Secretary Liz Kendall and Health Secretary Wes Streeting - arriving this morning at Downing Street.

Health Secretary Wes Streeting

Defence Secretary John Healey

Reform UK continue to lead polls - as Tories way behind in third place

The latest Westminster voting intention shows Reform UK on 28% - compared to Labour on 24% and the Conservatives in a distant third place on 20%.

More in Common's Luke Tryl says the poll "shows little movement ahead of this week's spending review". Chancellor Rachel Reeves - whose on ratings have collapsed - will be hoping Labour will be given a boost in the coming weeks.

Calm before the storm? Voting Intention shows little movement ahead of this week’s spending review. Reform’s lead now at 4

REF UK 28% (nc)
LAB 24% (+1)
CON 20% (-1)
LIB DEM 14% (nc)
GREEN 7% (-1)
SNP 3% (+1)

N = 2,073 | Dates: 6 - 9 June | Change w 2 June pic.twitter.com/q6ZlmqXEKY

— Luke Tryl (@LukeTryl) June 11, 2025

Rachel Reeves to give major update on £3 price cap for bus fares

Bus passengers will be protected from fare hikes as the £3 cap on single tickets is set to be extended.

In a major boost for bus users, Chancellor Rachel Reeves is expected to protect the nationwide price cap on single trips, which had been due to run out at the end of the year. The cost-of-living lifeline will now be in place across England until March 2027, the Mirror understands.

Single fares could rise by up to £12 in the worst hit areas if the cap is lifted. The Department for Transport previously said a journey between Leeds and Scarborough could cost £15, while a fare from Hull to York would hit £8.50.

Read more here

Keir Starmer to host Cabinet meeting this morning to rubber-stamp Spending Review

Keir Starmer will hold a meeting of his Cabinet from around 9am this morning to rubber stamp the Spending Review - before Chancellor Rachel Reeves unveils the package in the Commons around 12.30pm.

The review, which will set out day-to-day spending plans for the next three years and capital spending plans for the next four, is expected to see boosts for the NHS, defence and schools. But it is also likely to involve squeezes for other departments as the Chancellor seeks to keep within the fiscal rules she has set for herself.

Rachel Reeves to 'turn tide on housing crisis' at Spending Review

Hundreds of thousands of new affordable homes will be built over the next decade under a £39billion package announced today.

Rachel Reeves will unveil a massive cash injection for affordable homes to “turn the tide on the housing crisis”. It comes as the Government pushes to meet its pledge to build 1.5 million homes by the next election. Campaigners said the plan was “transformational” and could help reverse decades of neglect. The Chancellor will make the commitment in the Spending Review as she promises to "invest in Britain's renewal".

Read more here

Key announcements we already know

Several announcements have already been made.

They include:

• £15.6 billion for public transport projects in England's city regions;

• £16.7 billion for nuclear power projects, including £14.2 billion for the new Sizewell C power plant in Suffolk;

• £39 billion over the next 10 years to build affordable and social housing;

• An extension of the £3 bus fare cap until March 2027;

• £445 million for upgrades to Welsh railways.

Institute for Fiscal Studies' warning about NHS funding rise

Ahead of the spending review, the Institute for Fiscal Studies has warned that any increase in NHS funding above 2.5% is likely to mean real-terms cuts for other departments or further tax rises to come in the budget this autumn.

The Chancellor has already insisted that her fiscal rules remain in place, along with Labour's manifesto commitment not to increase income tax, national insurance or VAT.

She will say on Wednesday: "I have made my choices. In place of chaos, I choose stability. In place of decline, I choose investment. In place of retreat, I choose national renewal.

"These are my choices. These are this Government's choices. These are the British people's choices."

Rachel Reeves to vow to 'invest in Britain's renewal'

Rachel Reeves will vow to "invest in Britain's renewal" as she reveals her spending plans for the coming years on Wednesday.

The Chancellor is expected to announce big increases in spending on the NHS, defence and schools as part of a spending review set to include £113 billion of investment thanks to looser borrowing rules.

She will also reveal changes to the Treasury's "green book" rules that govern which projects receive investment in an effort to boost spending outside London and the South East.

Arguing that this investment is "possible only because of the stability I have introduced" after the October budget, Ms Reeves is expected to say her spending review will "ensure that renewal is felt in people's everyday lives, their jobs, their communities".

She will say: "The priorities in this spending review are the priorities of working people.

"To invest in our country's security, health and economy so working people all over our country are better off."

Boost for bus passengers as £3 cap set to stay

Bus passengers will be protected from fare hikes as the £3 cap on single tickets is set to be extended.

In a major boost for commuters, Rachel Reeves is expected to protect the nationwide price cap on single trips, which had been due to run out at the end of the year. The cost-of-living lifeline will now be in place across England until March 2027, the Mirror understands.

Single fares could rise by up to £12 in the worst hit areas if the cap is lifted. The Department for Transport previously said a journey between Leeds and Scarborough could cost £15, while a fare from Hull to York would hit £8.50.

Click here for the full story

So what won't be included?

Unlike Budgets, Spending Reviews have no legal basis. Instead, they set out what the Government intends to do with its spending plans over the following years.

There will be no tax changes in the Spending Review as these require new legislation. When the Chancellor presents the Budget, all the measures on taxation are contained in an annual Finance Bill. Parliament debates the Budget and scrutinises the Finance Bill. This does not happen with a Spending Review.

It means some announcements - including the winter fuel payment U-turn - might be mentioned at the Spending Review. But details on exactly where the money will come from to pay for the policy are not expected until the Autumn Budget later this year.

Where will Rachel Reeves splash the cash?

One of the biggest winners of Wednesday's Spending Review is expected to be the science and technology sector, which will get an £86billion package of funding into research areas, including into new drug treatments and longer-lasting batteries.

The health service is also expected to be a big winner, with a 2.8% hike to the Department of Health's annual budget - amounting to around £30billion in additional funding by 2028/29. The Mirror understands schools will also get a major boost to per pupil funding, with £4.5billion extra for the core schools budget. This includes a major expansion of free school meals to 500,000 more pupils.

The Ministry of Justice, which was one of the first departments to settle its budget, will see a £4.7billion funding injection to build three new prisons amid an ongoing overcrowding crisis in jails. The Ministry of Defence also already had a clearer idea of its funding settlement, with the PM having earlier this year announced plans to increase defence spending to 2.5% of GDP by 2027, with an aim to get it to 3% by 2034.

Some £15.6billion will also be handed to mayors for major transport projects across the country. This will go towards plans to improve trams, trains and buses in the North and the Midlands.

Click here to read the full run-down