Labour’s long-awaited spending review dropped this week. Rachel Reeves unveiled funding settlements for government departments – and a newly upbeat tone after the gloomy promise of hard times in her previous Commons set pieces. The NHS and defence were prioritised but other departments and services face a squeeze. Are dividing lines now clear as Labour fights for a second term in power? Why did even the experts call Reeves’ speech “baffling”? Will voters notice any benefit – and in time for an electoral dividend? Host Miranda Green is joined by regular panellists Stephen Bush and Jim Pickard, as well as the FT’s economics commentator Chris Giles, to discuss. 

Follow Miranda @greenmirandahere.bsky.social, Jim @pickardje.bsky.social, Stephen @stephenkb.bsky.social‬, @stephenkb; Chris @chrisgiles.ft.com‬, @ChrisGiles_

What did you think of this episode? Let us know at politicalfix@ft.com  

Want more? Free links:    

Rachel Reeves will be forced to raise taxes in autumn, economists predict 

Only a crisis will wean the west off debt 

England’s social housing funds ‘less generous’ than £39bn settlement suggests

UK suffers worst monthly contraction since 2023

Labour has made its big play. Are you not convinced? 

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Presented by Miranda Green, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa.

Read a transcript of this podcast on FT.com

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