Spending review is Reeves' last chance
Today's spending review is arguably the most important political moment for this government. And no, I haven't taken leave of my senses in saying that.
The reason it matters so much is because all public services in England and Wales (and in the rest of the UK, subject to the allocative formula) will be allocated their resources up to the next election.
So, for example, if in 2029 you still can't get a timely GP appointment or you are still waiting for a hip replacement, or street crime continues to blight your neighbourhood, that will, to a large extent, be determined today.
And there is a second reason. The British malaise is low growth, stagnating living standards and regional inequalities. And the government is today pulling on two of the only levers it has to create renewed economic dynamism.
I've already pointed out a lack of ambition from the Chancellor and Treasury in respect of the oomph given to one of these levers: resources for research and innovation, the most basic fuel for wealth creation, is disappointingly limited, with no growth in funding pledged as a share of the economy for the coming four years (ignore all the nonsense you read about 'an £86bn boost' - this hides the absence of growth).
So the growth agenda is all about the deployment of a relatively healthy £113bn of capital for growth enhancing investments in transport, housing and other infrastructure.
And the questions that need to be asked about it later today, when we have some of the detail, are:
First, are they optimal for making the UK wealthier?
Second, are the left-behind Midlands and North at last getting their fair share?
Third, should we worry if, on this occasion, London, the UK's productivity powerhouse, is neglected?
In other words, after all the missteps in fostering their growth ambitions since Starmer and Reeves took office last July, this is their moment to demonstrate competence. It matters to them and to us.
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