The Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, today delivered the new government’s first budget.

Our on the day briefing outlines the key policy announcements and an overview of the Office for Budget Responsibility’s revised forecast, along with our press statement on today’s budget.

Ms Reeves noted the state of the public finances the government had inherited and stated her intention to return to meeting public expectations, including an NHS that is there when needed and economic growth for all. She set out measures to lay the foundations for change by restoring economic stability.

The key announcements for health and care include:

• Day-to-day spending for the Department of Health and Social Care will increase by £22.6bn from 2023/24 to 2025/26. This is a two-year average real terms NHS growth rate of 4% – the highest since 2010 (excluding the years affected by the Covid-19 pandemic).
• Capital spending will increase by £3.1bn in 25/26 (compared to 2023/24 outturn) – rising to £13.6bn. This is a two-year average real terms growth rate of 10.9%, although it is still lower than the overall value of the maintenance backlog (£13.8bn).