Is chancellor's spending review the start of a 'national renewal' - or too good to be true?

If you sat done the full spending reappraisal code delivered by Rachel Reeves successful the House of Commons, you mightiness person been lulled into a consciousness that the UK was awash with a wealthiness of riches arsenic the chancellor sprinkled billions crossed the land.

There were billions for societal housing, atomic powerfulness stations, obstruction lines and probe and improvement to powerfulness the economy.

There was wealth for schools, the police, the NHS, and defence spending, arsenic the chancellor sketched retired her roadmap for Britain for years to come, with an acknowledgement that the authorities - and peculiarly this chancellor - had endured a hard archetypal year.

"We are renewing Britain. But I cognize that excessively galore radical successful excessively galore parts of our state are yet to consciousness it…the intent of this spending reappraisal is to alteration that," she said.

Politics Hub: Tap present for the latest news

There was £113bn of borrowing to money superior concern and an other £190bn implicit the people of the parliament for nationalist services, fuelled by those contentious taxation rises successful the fund past autumn. This was a Labour chancellor turning her backmost connected austerity.

"In spot of decline, I take investment. In spot of retreat, I take nationalist renewal," she said.

The chancellor deserves recognition for the superior investment, which she hopes volition unlock jobs and powerfulness economical growth. But erstwhile thing sounds excessively bully to beryllium true, it usually is.

For me, erstwhile shadiness chancellor John McDonnell deed the nail connected the caput connected Wednesday nighttime arsenic helium remarked alternatively wryly to maine that "the greater the applause connected the day, the greater the disappointment by the weekend".

Could taxation hikes beryllium needed?

Because, successful talking up the imaginable of nationalist renewal, the chancellor glossed implicit what the "hard choices" mean for each of us.

There are questions present swirling astir wherever the cuts mightiness autumn successful day-to-day budgets for those departments which are unprotected, with section government, the Home Office, the Foreign Office, and the Department for Environment each facing real-terms cuts.

My workfellow Ed Conway, analysing the authorities figures, recovered cuts successful the schools fund for the past 2 years of this parliament - the chancellor's apical enactment fig showed an wide emergence of 0.6% implicit the five-year play of this Labour government.

There are questions excessively implicit whether assembly taxation bills mightiness beryllium accrued successful bid to apical up section authorities and constabulary budgets.

Ms Reeves told maine successful an interrogation aft her code that they won't, but she has predicated increases successful constabulary backing and section authorities backing coming locally, alternatively than from cardinal government, truthful I volition beryllium watching however that volition play out.

Even with the summation successful wellness spending - the NHS is getting a 3% boost successful its yearly fund - determination are questions from wellness experts whether it volition beryllium capable for the authorities to deed a regular operations people of treating 92% of patients wrong 18 weeks.

My constituent is that this mightiness not beryllium - to again punctuation Mr McDonnell - "mathematical austerity", but aft implicit a decennary wherever nationalist dissatisfaction successful nationalist services has grown, the compression of day-to-day spending could marque it hard for the chancellor to transportation moving radical this is simply a authorities delivering the alteration for them.

There is unit to reverse immoderate of the payment cuts, and unit to assistance the two-child payment cap, portion the unit to reverse the wintertime substance allowance has already resulted successful Reeves this week making a £1.25bn unfunded spending committedness (she volition acceptable retired however she is paying for it astatine the adjacent budget).

Will voters consciousness the 'renewal'?

Reeves told maine connected Wednesday determination was nary request for taxation rises successful the autumn due to the fact that the spending envelope had already been set, and the wealth present divvied out. It's a precise unrecorded question arsenic to whether that tin clasp if the system weakens.

She did not regularisation retired further taxation rises erstwhile I asked her past week, portion Treasury curate Emma Reynolds told my workfellow Ali Fortescue connected Wednesday night: "I'm not ruling it in, I'm not ruling it out."

👉 Listen to Sky News Daily connected your podcast app 👈

The gamble is that, by investing successful infrastructure and getting spades successful the ground, and tilting constricted nationalist wealth into the NHS, the authorities tin get astatine the adjacent predetermination with capable 'proof points' to transportation voters to instrumentality with them for different 5 years.

On Wednesday, the chancellor laid the foundations she hopes volition crook the government's fortunes around. The hazard is that voters won't consciousness the aforesaid by the clip they are asked to choose.