Overview

• Government secured an extra £113 billion for investment over five years by changing budget rules.
• Military spending will rise to 2.5% of GDP by 2027, heading towards 3% by 2034 at the expense of international development aid.
• Public spending is set to grow by about 2.3% in real terms annually through the end of the decade while current spending is projected to reach £190 billion in 2028–29.
• Major allocations include £86 billion for science and technology, £30 billion for nuclear power projects including Sizewell C, and £39 billion for affordable housing to build 1.5 million homes.
• Budgets for the Home Office, Transport and local authorities will be trimmed to offset higher spending.