Simon Jack
Business editor

This is a big emphasis on energy investment.

The chancellor re-announces investments in Sizewell, Rolls Royce small modular reactors (smaller nuclear power plants), and new research in fusion.

There are also new announcements for carbon capture projects in Scotland and Humberside - but not clear numbers.

We may have to wait for the infrastructure strategy published next week for the details.

We're continuing to hear Rachel Reeves's Spending Review - and bringing you the key lines.

Referencing what she calls "securonomics", the chancellor says "in an age of insecurity, the government must step up to provide security for working people and resilience for our national economy".

"Put simply: where things are made, and who makes them, matters," she continues - before diving into energy spending.

Reeves says "energy security is national security", noting the vulnerability of the UK to the energy price hikes in the wake of Russia invading Ukraine in 2022.

"This government is investing in the biggest rollout of nuclear power for half a century, a £30bn commitment to our nuclear-powered future," the chancellor says.

• Number crunch: This sum includes yesterday's commitment to invest £14.2bn in building the Sizewell C nuclear plant. Construction will take a decade - but this money only covers the next four years

The chancellor turns to border security.

She says she already announced £150m of funding to establish the new Border Security Command at the Budget - and today she can announce further funding of "up to £280m more per year by the end of the Spending Review for our new Border Security Command".

Alongside that, the government is "tackling the asylum backlog", she says.

In a further announcement, Reeves says the government will use the extra funding today to "end the costly use of hotels to house asylum seekers" in this Parliament.

• For context: In its general election manifesto, external, Labour promised to end the use of asylum hotels. No date was given at the time - now we have one

Reeves says this money will "cut the asylum backlog, hear more appeal cases, and return people who have no right to be here" - and that this will save "the taxpayer £1bn per year".

Faisal Islam
Economics editor

The chancellor is straight out of the blocks to say her plans are not “austerity”, especially of the type seen under Conservative George Osborne in 2010.

She says total departmental spend will grow by 2.3% in real per year.

Importantly, that figure includes this year, where we have seen significant frontloaded spending.

It will take a bit longer to unpack what that means for the three-year period where we are getting new numbers.

We will shortly find out how tight the settlement will be for some departments in the coming years.

Despite Reeves' claims, there's no guarantee on economic growthpublished at 12:50 British Summer Time 11 June

12:50 BST 11 June

Dearbail Jordan
Senior business and economics reporter

It is certainly true that UK economic growth was stronger than expected between January and March - at 0.7% - as Reeves has just pointed out in her Spending Review.

But not all economists are sure that it will continue at that rate.

In March, the Office for Budget Responsibility halved its forecast for UK growth this year to 1%.

We still don't know what the full impact will be from US President Donald Trump and his stop-start US tariffs.

We also don't know whether the introduction of higher National Insurance payments by employers and rising minimum wages, which came into force in April, will weigh on economic growth.

On the flip side, the OBR has lifted its UK economic forecasts for 2026-27.

Turning very briefly to defence spending, the chancellor says it will rise to 2.6% of GDP by April 2027.

Reeves says this includes the contribution of Britain's intelligence agencies.

There are both jeers and cheers in the House at this point.

• Some context: The boost in defence spending, which was announced in February, will be paid for in part by cutting the overseas aid budget. Ministers want to increase defence spending to 3% of GDP by 2034 - but there’s no precise date for this

Reeves again brings up Reform UK, attacking the party's leader Nigel Farage for "playing the 'friend of the workers' now".

"But some of us are old enough to when he described that disastrous Liz Truss budget as, and I quote, 'the best Conservative Budget since the 1980s'," the chancellor says.

"They are simply not serious."

Chris Mason
Political editor

It is very noticeable that Rachel Reeves refers to the “parties” opposite – Labour’s opponents, plural.

Of course Labour has always faced multiple political opponents, but the convention in these scenarios is to refer to the “party” opposite – the principal party of opposition.

Not today.

A handful of minutes in and the chancellor is mounting a political attack on Reform UK.

"In this Spending Review, total departmental budgets will grow by 2.3% a year in real ," Reeves now says, hitting out at the Tories for their "choice for austerity".

Reeves says: "Let’s be clear, austerity was a destructive choice for the fabric of our society. And it was a destructive choice for our economy too".

The chancellor says austerity created a "lost decade for growth, wages and living standards". She adds that the choices she's made have been different, precisely because of her commitment to economic stability.

"The Conservatives’ fiscal rules guaranteed neither stability, nor investment. And that is why I changed them," she continues.

Instead, Reeves says that her rules are "non-negotiable", and allow her to allocate "£190bn more to the day-to-day running of our public services over the course of the Spending Review", compared to the Tories' plans.

Reeves says the purpose of this Spending Review is to "ensure that renewal is felt in people’s everyday lives, in their jobs, and on their high streets".

It will invest in security, health and "grow Britain’s economy so that working people are better off", she tells MPs in the Commons.

We're yet to hear any actual announcements - we'll bring you those when we do.

Reeves is continuing to go through some of the government's first few months in office - saying real wages have grown more in Labour's first 10 months in office than they did in the first 10 years under the previous Conservative government.

Countries around the world are now "lining up to do business with Britain", she says, pointing to new trade deals with India, the EU and the US.

Reeves's opening remarks focus on Labour's mission while in government - and she explains why she made the decisions she did at the Autumn Budget.

"My driving purpose since I became chancellor is to make working people, in all parts of our country, better off," she says. "So at the Budget last October and again in the Spring, I made the choices necessary to fix the foundations of our economy."

She says, since then, there's been "the biggest overhaul of our planning system in a generation, launching Britain’s first National Wealth Fund, and reforming our pensions system to unlock billions of pounds of investment."

Andy Verity
Economics correspondent

By Andy Verity

As we start to hear Spending Review announcements, don’t be overly impressed by the "billions".

In a decades-long tradition, when chancellors want to play up what they’re spending, they’ll give you a bald total - such as £39bn for affordable and social housing, announced earlier. But then there’s the crucial qualifier "over 10 years".

So divide it by 10 - that's £3.9 billion a year.

Then the total amount the government spends each year - in 2025/26 it’s officially forecast to be £1,347bn.

As a proportion of that, the additional money for social housing would boost total spending by less than 0.3%. Or as a proportion of the economy, about 0.15%.

Not nothing - but neither is it the vast boost that the headline figure might at first suggest.

Chancellor Rachel Reeves has just taken her place at the dispatch box - and begins delivering her Spending Review.

We're expecting big cheques for the NHS and defence, as other areas face a spending squeeze.

Whatever happens, we'll be here to bring you all the key lines. Hit watch live at the top of the page to follow along.

This week's sparring between Kemi Badenoch and Keir Starmer is over, and the Liberal Democrats leader Ed Davey is now up.

He commends the government for introducing sanctions on two Israeli government - more on that in our news story.

Davey then moves onto the NHS, saying it was left "on its knees" by the Conservatives.

And, on National Carers' Week, he asks Starmer to guarantee that social and family carers will get the they need in the Spending Review.

Starmer responds that "record amounts" is being invested into the NHS, adding that three million extra appointments have been delivered.

But, Starmer also adds that Davey must accept that for an NHS funding increase means he disagree with the methods of raising money to do it.

Davey is then back on his feet to ask about the Ukraine war, noting there are £25bn of frozen Russian assets currently held in the UK - will the PM seek an agreement to use them to Ukraine?

Starmer says he's talking to allies about this, but won't make a commitment to the House, and stresses that there is no easy answer on this topic.

Image source, PA Media

Before turning to her final question Badenoch says Starmer knows his Chagos Islands' deal "is nothing to do with national security but his bad negotiating".

Then, Badenoch goes on to attack the chancellor ahead of the Spending Review, saying she has "made bad choices" and claims Rachel Reeves "has lost all her headroom".

"Isn't the truth we have the wrong chancellor and the wrong priorities">"No, the wrong choice they made was making her leader of the opposition," Starmer hits back - to cheers from the Labour backbenches.

Badenoch then says the prime minister hasn't ruled out tax rises, pointing out that Mauritius is scrapping its own income tax because of the Chagos Islands deal.

"Why should the British taxpayer pay £30bn for tax cuts in Mauritius">He says the government has secured the base by cutting a deal with Mauritius, a decision which has been welcomed by allies such as the US, Nato, Australia, and opposed by Russia, China and Iran.

Badenoch asks again about the winter fuel payment, noting the reversal won't be funded by higher borrowing. She asks the PM if it will be paid for through tax rises.

Starmer replies his government has put record investment into the NHS - and says the Tory leader comes to PMQs every week to "carp on" about National Insurance rises (the government increased employers' National Insurance in April).

But she won't say she'll reverse the decision, he adds.

In 20 minutes time we will all listen to Chancellor Rachel Reaves announcing more investment at the Spending Review and we'll see how the Tories respond to that, he says.

Image source, PA Media

Kemi Badenoch says that Starmer loves talking about Liz Truss because he wants to hide from his own economic record.

She calls him a "coward", before returning to the PM's "U-turn" on winter fuel payments to pensioners.

Badenoch calls it laughable and asks why he can't it to making a mistake.

Starmer replies that the Conservatives left a "£22bn black hole" that Labour needed to fill.

On winter fuel, he says that three weeks ago he said he wanted more pensioners to be entitled to help with winter fuel costs, and is pleased this is now the case.

And, the PM goes on to talk about his record in government, referencing "three trade deals", "breakfast clubs", and says the chancellor will mention even more when she makes her statement shortly.