Chancellor Rishi Sunak has delivered his Spending Review to the House of Commons, laying out a long list of new measures and announcements.
Most prominent in his speech was the drastic impact the Covid-19 pandemic will have on the economy, but there were also a number of new policy announcements including a pay freeze for public sector staff, billions of pounds for "levelling up", and £100bn towards infrastructure.
That's as well as the funding to be pledged to the devolved nations of Scotland, Wales and Northern Ireland.
Follow our live blog here for all of the latest updates and reaction following Mr Sunak's lunchtime speech.
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To ensure you didn't miss any of the announcements, here are the key points from his 25-minute speech in the House of Commons on Wednesday:
- Mr Sunak said the Government was providing £280 billion this year to get the country through the coronavirus crisis.
- The Office for Budget Responsibility (OBR) is forecasting the economy will contract this year by 11.3% - the largest fall in output for more than 300 years.
- The OBR expects the economy to start recovering once Covid restrictions are lifted, growing by 5.5% next year, 6.6% in 2022, then 2.3%, 1.7% and 1.8% in the following years.
- The pandemic is likely to have caused "long-term scarring", meaning in 2025, the economy will be around 3% smaller than expected in the March Budget.
- The º£½ÇÊÓƵ is forecast to borrow a total of £394 billion this year, equivalent to 19% of GDP - the highest recorded level of borrowing in peacetime history, according to Mr Sunak.
- Underlying debt is forecast to be 91.9% of GDP this year and is predicted to continue rising, reaching 97.5% of GDP in 2025/26.
- The OBR expects unemployment to peak at 7.5% in the second quarter of 2021 - 2.6 million people.
- The Chancellor announced that NHS doctors and nurses will receive a pay rise, but pay rises in the rest of the public sector will be "paused" next year.
- The 2.1 million public sector workers who earn below the median wage of £24,000 will be guaranteed a pay rise of at least £250 next year, however.
- The National Living Wage will increase by 2.2% to £8.91 an hour.
- Total Government department spending next year will be £540 billion, with day-to-day departmental spending rising, in real terms, by 3.8%.
- The overseas aid budget will be cut to 0.5% of gross national income in 2021 but Mr Sunak said the Government's "intention" was to return to 0.7% when the fiscal situation allows.
- A new º£½ÇÊÓƵ infrastructure bank - headquartered in the north of England - to finance major new projects is set to be established.
- A £4 billion "levelling up" fund to finance local infrastructure improvement projects will also be created, Mr Sunak said.
- The Chancellor said that through the Barnett formula, Scottish Government funding will increase by £2.4 billion and Welsh Government funding by £1.3 billion, with £0.9 billion for the Northern Ireland Executive
