On Wednesday Rachel Reeves, the UK’s first ever female Chancellor of the Exchequer, set out the Labour Government’s spending review in the House of Commons. The last spending review was held during the Covid-19 pandemic.

This year’s review covers Government spending up to 2029 and is all about investing in Britain’s renewal – in security, health and the economy – that will leave families across the country better off. The decisions announced on Wednesday have only been possible because of the difficult choices we’ve already made on tax and spending and will help to remove barriers to the growth that Labour promised in our manifesto.

Labour is prioritising your security, whether that be defence, energy security or securing our borders. This includes an £11 billion real-terms increase in defence spending and a £600 million uplift for our security and intelligence agencies. In an increasingly unsettled world Britain’s defence spending will now rise to 2.6% of GDP by April 2027, the biggest sustained increase in defence spending since the cold war.

Labour is investing £30 billion in the biggest rollout of nuclear power for half a century, including £14.2 billion for Sizewell C, protecting 10,000 jobs. We’re also increasing investment in police spending by an average 2.3% annually to help families feel safer in their communities.

Labour is also making a record cash investment in our NHS, increasing real term, day to day spending by 3% per year for every year of the spending review. That’s an extra £29 billion per year for the day to day running of the NHS and an extra £4 billion of annual capital investment by 2029. We’re increasing the NHS technology budget by 50% while providing funding to train thousands more GPs. It’s another example of the investment we’ve made in the NHS that has seen waiting lists drop already to their lowest level for two years.

We also announced a £39 billion investment over the next decade in our new Affordable Housing Plan, the biggest cash injection into social and affordable housing in a generation. That follows last weeks announcement to invest £15.6 billion to better connect our towns and cities and improve public transport across the UK, including in Liverpool.

Labour’s first budget was to fix the foundations. Now we are investing in Britain’s renewal.