UK Chancellor to unveil economic revival plan today

Later on Wednesday, UK Chancellor Rachel Reeves is set to deliver a major speech, laying out her plan to revive the country’s economy. She’ll unveil not just the 2026–2029 government spending budgets but also the UK’s long-term investment strategy through the end of the decade, Bloomberg reports.

Reeves is expected to announce a large-scale 10-year affordable housing program as part of the new proposals. With a budget of 39 billion pounds ($52.7 billion), the plan would nearly double current annual government spending on the sector, according to the Treasury.

There’s an ongoing debate over how budget funds are being allocated across different government departments. Scientific research and development are set to receive 86 billion pounds ($116.22 billion), while 16 billion pounds ($21.62 billion) is set aside for transportation infrastructure. Additional funding is also provided for nuclear energy, the construction of nuclear submarines, and prison system upgrades. However, this distribution has sparked controversy, as critics argue that uneven spending could create imbalances in other critical sectors, according to Bloomberg.