Chancellor Rachel Reeves has confirmed plans to overhaul the Treasury's rule book to make future Government funding decisions fairer for all Britons.
During today's Spending Review, the Chancellor announced existing rules will be amended to ensure all regions across the UK are able to benefit from Treasury decisions.
Reeves said: "I am today publishing the conclusion of the review of the Treasury’s Green book, the Government’s manual for assessing value for money.
“Our new Green Book will support place-based business cases and make sure no region has Treasury guidance wielded against them.
The Chancellor has confirmed a major overhaul to Treasury rules
PA
"I said we would do things differently; I said that we wanted growth in all parts of Britain; and, Mr Speaker, I meant it."
While speaking to MPs, Reeves announced that total departmental budgets will grow by 2.3 per cent per year in real terms with money being reserved for housing, infrastructure and AI funding.
As part of her Spending Review, the Chancellor emphasised the need to expand economic growth to all quarters of the UK with no region ideally being left behind.
She asserted that the "renewal of Britain must be felt everywhere" as she broke down the Government's funding plans for community projects across the UK.
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Treasury rules are expected to be changed
PAReeves added: "I know the pride that people feel in their communities. I see it everywhere I go.
"But I also know that for too many people, there is a sense that something has been lost, as high streets have declined, as community spaces have closed, as jobs and opportunity have gone elsewhere.
“The renewal of Britain must be felt everywhere. Today I’m pleased to announce additional funding to support up to 350 communities especially those in the most deprived areas.
"Funding to improve parks, youth facilities, swimming pools and libraries, supporting councils’ fightback against graffiti and fly-tipping, including in Blackpool South; in Stockport; in Stoke Central; in Swindon North; and in Newcastle Upon Tyne East and Wallsend."
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As part of her review announcement, Reeves revealed this spending period would award £52billion for Scotland, £20billion for Northern Ireland and £23billion for Wales.
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GB NewsTowards the end of her statement, Reeves concluded: "“This is a spending review to deliver the priorities of the British people: Security – a strong Britain, in a changing world.
"Economic growth – powered by investment and opportunity in every part of Britain. And our nation’s health – with an NHS, fit for the future.
"I have made my choices. In place of chaos, I choose stability. In place of decline, I choose investment. In place of pessimism, division and defeatism, I choose national renewal.
"These are my choices, Mr Speaker. These are Labour’s choices. These are the choices of the British people. And I commend this statement to the House."
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