The 2025 Spending Review: progress made, but gaps remain for business

This week, the UK Government delivered its first standalone Spending Review since at least as long as I've been here, setting departmental budgets that will shape the delivery of public services and national priorities over the coming years. While not a full fiscal event, this Spending Review sets the day-to-day spending and capital spending from financial year 2026/27 through to 2028/29.

What is a Spending Review - and why does it matter for business?

Unlike a Budget or Autumn Statement, a Spending Review focuses on how money will be allocated across government departments, rather than changes to tax or welfare policy. It is a critical signal of government priorities, and it lays the foundation for how long-term ambitions – like infrastructure delivery, R&D expansion, and net zero – will be funded.

This year's Review comes ahead of two major publications expected later this month: a 10-Year Infrastructure Strategy and a Modern Industrial Strategy. The